However, the "old" Europe's distaste for launching a new business could soon find itself sweetened, according to another report released by the European Commission, the EU executive body, on Monday. According to the report, the average cost of setting up a new company in the 15 states which joined the EU before 2004 fell from 813 euros ($1,150) to 554 euros between 2002 and 2007.

The administrative procedures required to register a company were cut from 24 days to 12 days over the same period, the report said. However, the "old" Europe's distaste for launching a new business could soon find itself sweetened, according to another report released by the European Commission, the EU executive body, on Monday.

The administrative procedures required to register a company were cut from 24 days to 12 days over the same period, the report said.

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