Meaning: The quote you have provided is a statement made by John Hutton, an educator, about the importance of EU better regulation in shaping a modern European Union that is focused on building a dynamic and innovative economy capable of meeting the challenges of the 21st century. This quote reflects the significance of regulatory policies in fostering economic growth, innovation, and competitiveness within the European Union.

The concept of "better regulation" refers to the continuous improvement of regulatory frameworks and processes to ensure that they are efficient, effective, and supportive of economic development. It involves the evaluation and streamlining of existing regulations, as well as the design of new regulations that are conducive to innovation and economic progress.

In the context of the European Union, better regulation is essential for creating an environment that fosters economic dynamism and innovation. The EU has a diverse and complex regulatory landscape that governs various aspects of economic activity, including trade, investment, competition, and consumer protection. By enhancing the quality and effectiveness of these regulations, the EU can promote a business-friendly climate that stimulates entrepreneurship, investment, and technological advancement.

The quote emphasizes the need for the EU to focus relentlessly on building a dynamic and innovative economy. This underscores the idea that economic progress and competitiveness are not static but require continuous effort and adaptation to keep pace with the rapid changes and challenges of the 21st century. In this context, better regulation plays a crucial role in creating an enabling environment for businesses to thrive, innovate, and contribute to economic growth.

Furthermore, the mention of a "modern European Union" highlights the importance of aligning regulatory practices with contemporary economic and technological realities. As the global economy undergoes profound shifts driven by digitalization, sustainable development, and global interconnectedness, the EU must ensure that its regulatory framework is agile and responsive to these changes. This involves embracing innovation, supporting digital transformation, and addressing emerging challenges such as climate change and sustainable development.

John Hutton's statement implies that the pursuit of a modern European Union with a focus on better regulation is not just a matter of administrative efficiency, but a strategic imperative for fostering economic resilience and competitiveness. To achieve this objective, the EU needs to adopt a forward-looking approach to regulation that encourages experimentation, risk-taking, and the adoption of new technologies and business models.

In conclusion, the quote by John Hutton encapsulates the significance of EU better regulation in shaping a modern, dynamic, and innovative European Union. By prioritizing regulatory excellence and adaptability, the EU can create an environment that empowers businesses to thrive, innovate, and contribute to a vibrant 21st-century economy. This aligns with the broader goal of ensuring sustainable economic growth, job creation, and prosperity for the citizens of the European Union.