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Often considered the 'cornerstone' of European integration, the single market now serves 449 million consumers and 31 million active companies, most of which are small and medium-sized enterprises (SMEs). It has delivered substantial economic benefits, ranginBriefing - Deepening the single market in the light of the Letta and Draghi reports - 18-10-2024
Often considered the 'cornerstone' of European integration, the single market now serves 449 million consumers and 31 million active companies, most of which are small and medium-sized enterprises (SMEs). It has delivered substantial economic benefits, ranging between 8 % and 9 % of European Union gross domestic product (GDP). Trade between Member States has risen steadily over the years, and today accounts for an estimated 56 million European jobs. The EU is among the largest trading blocs in the world, representing 15 % of world GDP, compared with the United States at 16 % and China at 19 %. The single market's attractiveness for foreign businesses also serves as an important geopolitical tool, enhancing the EU's influence amid geopolitical shifts. Recent shocks, such as the COVID-19 pandemic and the war in Ukraine, have revealed not only the single market's vulnerability in crises, but also the extent to which the EU's competitiveness relies on a well-functioning single market, ensuring unhindered access to the goods, services, and strategic inputs EU supply chains need. Although the single market has generally been a success, recent analyses, including those put forward by Enrico Letta and Mario Draghi in 2024, clearly demonstrate that it remains highly fragmented, limiting EU companies' ability to scale up and compete internationally, and preventing EU citizens from reaping the full benefits. For instance, 60 % of the barriers companies face today are of the same type as were already reported 20 years ago. The two reports converge on many points, not least on the need to take rapid action to deepen the single market. Advancing the single market requires action in multiple policy fields, its digital dimension gaining increasing importance in recent years. Ultimately, a well-functioning single market, fit for the green and digital transitions, new technological developments and changing geopolitical realities can be seen as central to the EU's industrial policy. Source : © European Union, 2024 - EP Read more
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