The Single Market in the European Union
Introduction:
The Single Market is composed of all of the national markets within the EU. With almost 500 million consumers since the enlargement of the European Union in 2007, it is the biggest market in the world. Moreover, it was one of the key factors concerning the creation of the European Community.
The establishment of the Single Market represents a liberal entity, in which the suppression of barriers for the exchange of goods is perceived as a factor of growth and encouraging employment. The establishment of the Market was based on 3 crucial steps:
- Custom union (no more custom barriers for the intra-community exchanges, effective on 01/07/1968)
- The Single European Act (adopted in 1986, fixed at the 01/01/1993 the completion of the Single Market)
- Maastricht treaty (1992, it opened the way for the Euro as a unique currency for 16 of the 27 member state of the EU)
In order to realise the Single Market, it was necessary to insure the free trade of people, goods, services and assets. Therefore, national rules have been harmonized thanks to the principle of non-discrimination according to the nationality, the mutual recognition of national laws, and the application of the community directives for each member state.
To accompany this process, rules concerning competition have been created: mainly controls concerning fusions and agreements for companies.
The Single Market allowed considerable growth of intra-community exchanges. Nevertheless, the total unification of financial markets has not been accomplished.
On the one hand, this report will explain the expectations of the Single Market concerning the economic performance of the EU. On the other hand, it will give evidence for the indication that such an improvement has occurred. 1. Expectations of the Single Market concerning the economic performance of the EU
The Single Market
At the centre of the European Single Market, people, goods, services and capital flow as freely as in a Member
The Single Market is composed of all of the national markets within the EU. With almost 500 million consumers since the enlargement of the European Union in 2007, it is the biggest market in the world. Moreover, it was one of the key factors concerning the creation of the European Community.
The establishment of the Single Market represents a liberal entity, in which the suppression of barriers for the exchange of goods is perceived as a factor of growth and encouraging employment. The establishment of the Market was based on 3 crucial steps:
- Custom union (no more custom barriers for the intra-community exchanges, effective on 01/07/1968)
- The Single European Act (adopted in 1986, fixed at the 01/01/1993 the completion of the Single Market)
- Maastricht treaty (1992, it opened the way for the Euro as a unique currency for 16 of the 27 member state of the EU)
In order to realise the Single Market, it was necessary to insure the free trade of people, goods, services and assets. Therefore, national rules have been harmonized thanks to the principle of non-discrimination according to the nationality, the mutual recognition of national laws, and the application of the community directives for each member state.
To accompany this process, rules concerning competition have been created: mainly controls concerning fusions and agreements for companies.
The Single Market allowed considerable growth of intra-community exchanges. Nevertheless, the total unification of financial markets has not been accomplished.
On the one hand, this report will explain the expectations of the Single Market concerning the economic performance of the EU. On the other hand, it will give evidence for the indication that such an improvement has occurred. 1. Expectations of the Single Market concerning the economic performance of the EU
The Single Market
At the centre of the European Single Market, people, goods, services and capital flow as freely as in a Member
References: - “The Single Market: wallflower or dancing partner?”, House of Lords, European Committee, Volume 1: Report, 2007-08 - “The single market: the 1991 programme for completing the internal market and its implementation”, European Parliament, Directorate General for Research, Internal Market Division, 1991 - “The law of the single European market: unpacking the premises”, Catherine Barnard and Joanne Scott, 2002 - “The European Union explained: institutions, actors, global impact”, Andreas Staab, 2008 - “The Single European Market and Beyond”, Professor Dennis Swann, 1992 - “Single market Europe: opportunities and challenges for business”, Jossey-Bass Publishers, 1991 - “Histoire économique et sociale de la construction européenne”, René Leboutte, 2008 - http://europa.eu/index_en.htm - http://en.wikipedia.org/wiki/Single_market