Such flux must be kept to a minimum to avoid fostering uncertainty among innovators. Moreover, shifting regulatory schemes unavoidably leave obsolescent regulations in their wake. Business people in the United States complain, perhaps with some exaggeration, that so many regulations are on the books that they are probably at all times unknowingly in violation of some of them.
The euro area capital market is larger and more open than any of the domestic markets and provides investors with more varied opportunities for investment, but it is not yet fully integrated. There are still some barriers: for example different traditions and local market practices, national regulations and tax regimes.