EU to cut red tape on business

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European Commission President Jose Manuel Barroso has promised to cut red tape on business and further support small and medium-sized enterprises (SMEs), following a two-day summit in Brussels that ended on Friday afternoon.

Top leaders of the European Union called for maximum simplicity and minimum hassle for business during the summit, urging the Commission to make regulatory framework lighter and fit for purpose.

They also decided to increase the funding from the EU budget to support SMEs, European Council President Herman Van Rompuy said at the press conference.

The calls to cut red tape had been brought up by British Prime Minister David Cameron prior to the summit, which turned out to be dominated by the alleged U.S. spying scandal and the immigration concerns in the Mediterranean.

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