When it comes to red tape, the European Commission certainly talks a good game. We were promised a cultural revolution in which burdens would be measured, simplified, slashed or jettisoned. Instead, all we got was some timid tinkering around the edges of the bureaucratic behemoth.

But don't give up hope just yet, there are signs that the revolution might be on its way—and faster than you might expect. The Commission recently ruled that public limited liability companies will no longer have to order costly expert reports in cases of mergers and divisions.

In most cases this amounts to meaningless paperwork, particularly for SMEs where shareholders are actively engaged in the business. It's also expensive. The average cost of commissioning such a report can be well in excess of £2000.

This measure has the potential to cut the regulatory burden for some 600,000 businesses, but, more significantly, it has set a precedent for future attempts at further deregulation.

In the past, attempts to simplify or withdraw legislation got bogged down in the European Parliament or Council and often dealt with obscure regulations, such as the packaging of coffee. But in an environment where drafting legislation can take up to 10 years, this time the Commission was able to get rid of this regulation in just three months, thanks to a new fast-track approach.

This latest victory demonstrates that agreement between European Union institutions can be reached to deregulate on practical measures. This is just as well since the Commission has a raft of other deregulatory proposals up its sleeve. It is estimated that this package of reforms could save companies £1.3bn a year in administration costs. Furthermore, many of these proposals could bring tangible benefits for businesses such as transport companies, small bakers, butchers and grocery shops.

Judging by the EU's recent performance, deregulation could be coming to a street near you sooner than anyone expected.