Beliefs like these are common in Europe and I absolutely despise them. Inefficiencies in IT exist for boring reasons like requirements that are way too complex or that keep changing, internal politics, and inexperience. If you add more regulations that don't move the needle you just get more politics, more middle men that seek to profit from the regulatory capture (advisors, consultants, resellers), and you distract industry from focusing on those things that matter most.
Complexity is the enemy of progress. IT systems fail when they attempt to codify contradictory bureaucratic processes that make no sense. The solution is to simplify. Businesses that refuse to simplify get eaten by hungry startups, and deservedly so. What do you think will happen to a continent that refuses to simplify?