the Single Market?
Single Market began at the start of 1993
Delors (President of the European Commission) called it:
‘one of the main engines of the EU’
but also said:‘you can’t fall in love with the single market.’
What is the Single Market?
one internal market was intended to launch Europe as an economic superpower.
member states got rid of obstacles to trade, companies would start to enjoy new
economies of scale.
cross-border competition would wipe out inefficient firms.
of barriers to the four freedoms of movement (people, goods, services, capital)
within the EU
were: regulatory, technical, legal, bureaucratic, cultural and protectionist.
Directives telling member states’ governments to put changes into effect.
lower prices, greater choice of goods and services, work within EU.
fair competition, economies of scale, expand to global markets.
European Commission estimates the
Single Market has produced:
m new jobs since 1993
billion euro extra wealth
15 m people now go to another EU state either to work or retire.
some major problems in the internal market:
than half of all companies think the Single Market has had a positive impact on
companies felt that the Single Market had not boosted their sales and productivity.
of businesses think that significant barriers remain.
worker mobility has not
bank notes and coins introduced start of January 2002
currency for 12 of the 27 member states of the EU
from new EU entrants, non-euro zone states are UK, Sweden and Denmark.
of the single currency is final part of Economic and Monetary Union (EMU).
1: remove barriers to free movement of capital.
2: European Central Bank set up.
3: Introduction of the euro.