A Brief Note On The Single European Market

In order to understand the evolvement of the Single Market of the European Union, one has to take the general background into consideration. Therefore, it is important to have a look at the Treaty on European Union (Maastricht Treaty) which gave birth to the creation of the Single Market. Having been the Common Market before the Maastricht treaty, the European Economic Community (EEC) Treaty already clarified the objective of cooperation between member states. Throughout the Single Market, those objectives should be transformed into reality.

Despite a blistering cold war between east and west Europe in the 1950’s, including the violent suppression of anti-communist protests in 1956 Hungary, the six founders of the ECSC reconvened in 1957 and signed the Treaty of Rome, which created the European Economic Community, or the “Common Market”.

The European Union (EU) is a unique economic and political partnership between 28 different countries. It consists of about half a billion citizens, and its combined economy represents about 20 percent of the world’s total economy (Briney, 2015). Today The European Union works as a single market, with free movement of people, goods and services from one country to another. There is a standard system of laws to be followed, and since 1999 many countries share a single currency called the Euro (Europa.eu, 2015). This essay will explore the background history of the European Union and the benefits and drawbacks of the European Union.

Following WWII and during the Cold War, there was a sense of instability in Europe. To counteract this, many nations believed that a united Europe could suppress the intense nationalism and militarism that lead to both world wars. Other nations reacted with advocacy, protest or were simply equivocal. Post WWII Europe was extremely chaotic and disjointed. Alliances had been made and broken during the world wars, so tensions were at an all time high throughout the continent.

In considering the international realm, let’s consider the concept of economic treaties. Specifically, let's think about an organization like the European Union (EU). Why was it formed? In addition, what are some of the objectives of the nations that are joining the EU?

The Internal Market of the European Union (EU) is one of Europe’s significant achievements and its greatest resource in times of modern globalisation. Since its creation in 1993, the Internal Market has opened itself more to competition, created jobs and reduced many trade barriers. It is the principal instrument for building a stronger and fairer economy in the EU. It assures the free movement of people, services, goods and capital, and by doing so, creates fresh opportunities for businesses and consumers. The Treaty on the Functioning of the European Union adopts measures with the aim of combining national markets in a single market with the characteristics of a domestic market. The vision is that it should be as easy to trade between London and Madrid as it is between London and Manchester.

19. The Single European Act committed EU countries to adopt a single currency, the euro.

On 25 March 2017, the European Union will celebrate the 60th anniversary of its existence. Nevertheless, the European Council and the presidents of the twenty seven member states are aware that it is not a perfect union.

The roots of the European Union can be traced back to the early 1950’s when a small number of countries made a decision to join together as a way to resolve any potential conflict nurture economic growth and common values across the continent. There was a desire to promote common values and membership was opened to all European countries. Since the inception the number of members has grown from a founding six countries to what we now know as the modern day EU with a current total of 28 countries with a further 8 countries under application review. In 1992, what was then a group of twelve countries, joined together to form the Customs Community Code which was eventually introduced in January 1993. The code effectively merged the individual customs regulations in to a single customs union.

One of the aims of setting up the Eurozone common market was to all for

In the aftermath of the 1957 Treaty , the European Economic Community (EEC) was established and customs barriers between the member states have been abolished. Member States throughout the Community, can “promote a harmonious development of economic activities, a continuous and balanced expansion, an increased stability, an accelerated raising of the standard of living and closer relations between them”. Therefore, in order for a common market to be established between Member States, the Community enacted some legislative provisions which aimed to a true harmonization of laws; incorporate different legal systems under a basic legal framework. The main issue arising is whether these legal provisions in accordance with the case law, ensured the free movement of goods within this market.

One of the main objectives of the European Union (EU) is the establishment of the internal market, which shall consist of “area without internal frontiers in which the free movement of goods, persons, services and capital is ensured. The internal market is based upon a customs union achieved through the abolition of the imposition of customs duties and charges having an equivalent effect and the prohibition of discriminatory taxes on intra-EU imports. The internal market is enhanced by the provisions on free movement of workers, freedom of establishment, free movement of services, and free movement of capital. Whereas Articles 28 to 30 of the Treaty on the Functioning of the European Union (TFEU) provide for the establishment of an EU common external tariff and the elimination of customs duties, Articles 34 and 35 of the TFEU (with exceptions under Article 36) go further, and prohibit quantitative restrictions and measures having equivalent effect. Taken together, Articles 28 to 32 and 34 to 36 serve to ensure the free movement of goods within the EU and to facilitate the operation of the internal market.

The Union shall establish an internal market. It shall work for the sustainable development of Europe based on balanced economic growth and price stability,

Today, The Single European Market otherwise known as the (Internal Market) grants people and businesses with the privilege to trade and move openly across borders within the EU. This has had a huge impact on the world we live in today it altered the way Europeans live, travel and work also to study and do business. The concept of setting up a European Single market is to bring unity to the EU; this encounters money, goods, people, and services to collaborate freely to arouse competition and trade. The next multi-annual Single Market strategy is booked for adoption in 2007 previous to conception by the commission in 1985; since more areas have been added to the primary list of countries joining this has implemented regulatory and legal barriers this is to sustain to the exclusion of other barriers of an economic. Physical (infrastructure), linguistic cultural or nature.

With the effect of the Single European Act on 1st July 1987, the emergence of European Union (EU) as a common market has essentially been created. The benefits of this act are substantial to European firms, economies, and workers. It eliminates conflicting national regulations and trade barriers, as well as offering firms opportunity to sell their goods to all other EU members (Griffin & Pustay 2005).