The Union of today is faced with numerous legal, economic, social and many other risks that are seriously affecting its economic development as well as growth. Excessive and inadequate legal regulation act restrictively upon the activity of entrepreneurs on the market, on the one hand, and lowers the confidentiality of consumers, on the other. This in turn affects the functioning of the Union’s internal market and restrains economic growth of the European Union (EU) in comparison to other important players on the global market. The consequences are reflected upon societal prosperity. The features common to all social disturbances that are taking place in the world today are, firstly, the fact that they are caused by inadequate reactions to existing risks and, secondly, the fact that they affect the world globally. The strong interdependence between the mentioned risks creates a “magical circle” that is very difficult to break and leads to serious consequences, which contribute to financial instability as well as economic crises. The Union’s awareness of these risks is demonstrated in numerous communications, reports and recommendations and particularly in the European Strategy for Smart, Sustainable and Inclusive Growth (Europe 2020