EU Inc. Is Not Europe’s Delaware Moment 

A Spanish startup wins a customer in Luxembourg. Good news. But growth soon turns into admin. When the Spanish startup hires a salesperson in Luxembourg, it needs legal advice, encounters payroll complications, and, in practice, pressure to open a local Luxembourgish subsidiary. Before long, a young company starts looking like an old company, with a small cluster of entities spread across the 27 nations.

That is the mess that the European Commission’s new 28th regime proposal, branded...