Former Venice mayor Giorgio Orsoni was among 30 people arrested in a 5.5 billion euros corruption scandal in June 2014 (photo: dpa)

Global corruption thrives in tangle of regulations

Corruption is endemic throughout business and institutions across the globe. It is a burden on growth and costs the European Union 120 billion euros a year. It thrives through over-regulation, centralisation and a lack of transparency. But Georgia almost eradicated corruption overnight by making all procedures available to the public via the Internet.

<i>No country is immune from corruption in the public and the private sectors. Everybody seems to agree it is immoral and inefficient, yet weeding it out has proved to be a challenge. While some corruption is inevitable, competition and deregulation are effective caps. Exceedingly corrupt companies operating under competitive condi...

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Professor Enrico Colombatto
Corruption also slows growth and, according to former European Commissioner Cecilia Malmstrom, it is costing 120 billion euros a year within the European Union
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