1. To list and explain at least five (5) significant features of the Single European Market using credible examples
Single European Market was one of the main principles of European Union and became a reality in 1993. All Member States try to adopt all laws, regulatory and legal barriers to enable free trade and movements between countries. There is number of features, which have and will have significant implications for businesses. The key features are:
a) Free movements of people
b) Free movements of goods
c) Free movements of services
d) More powerful market which compete with other markets
e) Deeper economic integration – the same currency
f) Movements of capital
Free movements of people
Free movements of people are a basic principle of the single area. It was mainly introduced to open labour market and free migration of their families.
People can move to almost any member state (restriction to new member sates), settle down and look for a job with perspectives for better life. Those people can fill the gap in the countries where is a need for professionals, such as engineers, doctors or other occupations. Free movements of people as well as goods give members opportunity to find better paid jobs and greater job security. This is also thanks to Schengen Agreement (1985), which had lifted most of the internal borders control to enable people easily migrate within member states. In 1999 Schengen Agreement was integrated into European Union legal and institution framework and it covers 22 EU members plus non- EU - Iceland, Norway which fully apply the Schengen provision on a basis of specific agreement and Bulgaria, Cyprus and Romania, which at the moment apply only partially and checks are still carry out at their borders. United Kingdom and Ireland do not apply to this agreement; they still carry out checks at their borders with EU member states.... [continues]
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