In this report, I will discuss why and how the Single European Market was set up, its failures and successes how it works and its recent changes. Today, The Single European Market (SEM) 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 European live, travel, work, study, and do business. The concept of setting up a European single market is to bring unity to the EU; this includes money, goods, people, and services to collaborate freely to expand competition and trade.
2.0 Findings
Summary
For the single market to function properly, a Customs Union was created. This…show more content… The European Economic Community grew bigger. The treaty had plans on building a common market in 1957 and this came into reality in with the creation of a customs union and eventually with the Single European Act (SEA) of 1986 setting up a much wider free market in all EU countries. Even in 1957, the founders “declared in its preamble that signatory states were determined to lay the foundations of an ever closer union among the peoples of Europe’. Which included closer trade.
On February 1986, the SEA was signed. The Commission for internal market having the responsibility to ensure that the single market was forwarded and would grow. This set the start of the largest “free market” in the world. Which meant trade without borders, tariffs or quotas. (Did mean that outside the EU this would continue).
3.0 Successes
The Single Market came into force establishing the free-movement of service, goods, capital and people. These free movements allow companies to sell their products anywhere in the member states. Below are examples of some of the successes the Single Market has had.
3.2 Services
Europe is the world’s biggest exporter of manufactured goods and services they account for over ‘70% of the EU’s GDP’.’ In addition, is the largest export market for around 80 countries. The adoption of the ‘services directive’ established in 2006, which regulates a sector that