The 30th anniversary of the Single Market, which happened last year, helped to highlight its many impressive achievements, which include the guaranteed free movement of goods, services, people and capital in the EU, intra-EU growth and extra-EU trade as well as increased direct foreign investment into the EU. This year, now that we have sobered up following the celebration, the focus needs to be shifted to a more forward-looking, proactive approach.
Ahead of the next legislative term, we must ask ourselves the question, “What needs to be done to make our Single Market truly Single?” Despite the many achievements that have been made, there remains a level of fragmentation in many sectors. These significantly hold back the EU economy, frustrating businesses and hindering long-term investments.
With the upcoming elections to the European Parliament and the appointment of a new European Commission this year, 2024 will be important in forming Single Market Policy for the approaching political term. In order to feed into the upcoming strategic discussions, CEPS - in collaboration with Europe Unlocked - has today launched a report that highlights the key actions needed to empower the Single Market.
The report provides 10 recommendations for political leaders to action in order to overcome the Single Market’s existing shortcomings and remaining barriers. It sets out a medium-term strategy to empower the Single Market; one which EU political leaders should embrace, in close cooperation with the European Commission and the European Parliament. The aim of the strategy is clear – after four or five years, the Single Market should be upgraded and reinforced, leading to a more competitive EU and, by extension, boosting growth and the overall prosperity of the EU. The report advocates a ‘hands-on’ approach, one that is grounded in both good intentions and in implementing novel mechanisms.
The calls for an upgraded and reinforced Single Market during the next legislative term are becoming increasingly loud.
Read the CEPS report here.
EU Single Market