Problems with the level of regulation have hampered the growth of the European Union, according to ACCA.
Launching its European manifesto today, the association has claimed that some member states have too much business regulation, while others have too little, which has held back the expansion of the European Union.
ACCA chief executive Allen Blewitt said: 'For Europe’s business community to succeed against tough international competition, a consistent and fair tax system is vital, along with certainty about regulation.
Regulation must protect the public interest but also enable the EU’s businesses to compete and grow. Unless the balance is achieved, EU economies face continued slow growth and slow job creation.'
The manifesto calls for a new seven-year EU budget, a better understanding of the legislative requirements of EU membership, and a single set of principles-based regulations, managed by each country’s national financial regulators – to remove administrative burden.
It also calls for reform of local tax systems so they are 'non-discriminatory and compliant with EU law'.