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It’s a better life …the benefits and challenges of the EU’s single market

Explore the gains of the EU single market from job creation to economic growth and discover the potential for further improvements while addressing existing hurdles. Delve into the impact of EU policies and envision a more integrated and efficient future for businesses and consumers alike.

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It’s a better life …the benefits and challenges of the EU’s single market

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  1. It’s a better life …the benefits and challenges of the EU’s single market John Wyles. Partner, GPlus Europe Senior Adviser, European Policy Centre

  2. single market freedoms • people – leisure, work biz, retire • goods – little red tape, light customs • services • capital – no limits • freedom is relative not yet absolute

  3. delors inspiration • 1992 programme • A cure for eurosclerosis • 280 laws meant less red tape • single act (1986) passed more power to Brussels • Importance of mutual recognition of regs

  4. Gains 1992 - 2006 • Extra 2.15% gdp; 2.75m jobs; euro 877bn extra wealth • + €518 per citizen GDP rise in 2006 • Global player: • Exports Euro 415bn to Euro 985bn • Inward investment 4X higher • Outward Euro 18bn to Euro 206bn

  5. more gains • saved €5bn a year for traders and hauliers • €1.5-2bn a year telecom savings • Made Ryanair possible • 15m in another country to work or retire

  6. More benefits • Easier travel • More efficient single market – costs less to do business, stability and certainty • More efficient financial markets = cheaper credit • Stronger role in the world

  7. Single market upgrade November 2007 Commission promised: • telecoms reform package for better and cheaper communication services • better deals for consumers from financial services – esp. banking and insurance • Overhaul of European consumer protection law • Better delivery of benefits to small business • Boost development and dissemination of knowledge e.g. a European passport for researchers • Streamlining rules on electronic signatures

  8. Not working so well • More dynamic, competitive economy - No • Services – only 20% of intra-EU trade • Network industries (rail, energy etc) poorly integrated • Public procurement still very national – only 16% publicly advertised and open to x-border trading

  9. spin-offs • euro • Schengen • New powers on crime and justice • capital markets integration

  10. 2009 agenda • Economic recovery/financial regulation • Ratify reform treaty (Lisbon Treaty) • Progress “Lisbon agenda” • Climate change talks • Better regulation – 25% cut in red tape by 2012 = 1.5% boost to gdp

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