The aerospace industry is a global industry. Much of the regulation for the sector is therefore set at international level by the ICAO, the International Civil Aviation Organization.
Safety and environmental regulations are set at global level, but also at EU level. Passenger safety is of the utmost importance in the aerospace industry. EASA, the European Aviation Safety Agency, founded in 2004, is the centrepiece of the EU's strategy for aviation safety in Europe. Aircraft and components must be certified to meet standards of airworthiness. The aerospace industry is also affected by other policy initiatives and EU regulations such as the new rules governing the use of chemicals (REACH), which could impact time-to-market and incur adaptation costs. Environmental legislation and transport initiatives also play a role.