The Single Market in the European Union

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.

The European Union (EU) is a political economic union of 28 members. The founders are France, Belgium, Luxemburg, Italy, Netherlands, and Germany. The Maastricht treaty established the European Union in 1993. The EU aims to ensure the free movement of people, goods, services and capital and regional development. These 28 member states have successfully integrated because of their similar cultural lifestyles.

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.

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.

Initially envisioned as a confederation of member states collaborating together for mutual benefit, the EU and its 27 member nations established a single integrated market with the goal of facilitating trade and international commerce. With the introduction of the Euro across the Eurozone, this monetary system has proven to be unsustainable given the region's traditional reliance on entitlement programs and social assistance. With federal budgets stretched to their limit, "the debt crisis has already spread through Greece, Ireland and Portugal, all of which have

Furthermore, the Maastricht treaty was responsible for the creation of the European Union and it reflected the serious intentions of all countries to create a common economic monetary union (Investopedia). It provided rigorous economic regulations, known as “convergence criteria” (Jason Voss, CFA) in which it is mandatory

Properly defined, the Single Market is a common regulatory area. A country is either part of it, or it is not. If it is not, then it can trade with the countries forming the Single Market, on defined terms. But for the most part those countries which have trading privileges are not required to accept the full freedoms.

Firstly though a market is defined as an ‘actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter (businessdictionary.com, n.d.). These markets can be controlled by one company, which is known as a

Regarding to free movement of goods, the issue here where German company ‘Konfekt’ against the importing state Finland and UK which involve with The Treaty On The Functioning Of The European Union (TFEU) . First in Gaston Schul define an internal market within the European Union as “the elimination of all obstacles to intra-Community trade in order to merge the national markets into a single market bringing about conditions as close as possible to those of a genuine internal market”. ‘Goods’ is define under Art 28 TFEU and further explain in Commission v Italy as products having a monetary value and able to involve in commercial transaction. On the facts it’s a non-fiscal barrier as it only involves products there was no monetary,

The basic purpose of this essay is in the first part to examine how a court may recompense someone who suffers economic loss and to provide an essential knowledge of the arguments for and against the recovery of economic loss. Furthermore, there will be an analysis of some cases in order to understand the meaning of economic loss. In the second part we will try to find the action and the rules of European Union competition to be applied. Additionally, we will examine how it the single market can be protected from anti-competitive practices so as safe trade among the European Union may improve.

To begin with, the countries initially joining the euro were too heterogeneous, showing broad differences not only regarding their economic structure but also considering their budget practices and civil approaches (Feldstein, 2011). Moreover, differences regarding production structure, qualifications of the labour force as well as capital stock are considerable (Fürrutter, 2012). However, in order to make a single currency work, adequate similarities between the countries adopting the currency are required. The more similar countries are, the more will a common interest and exchange rate suit all. For this reason, the convergence criteria were created and had to be fulfilled upon entry to the Eurozone. Providing general criterion for price and exchange rate stability, continuous and flawless public finances, the Maastricht criteria aimed at safeguarding the country’s ability to adopt the single currency (European Commission, 2015). However, exceptions were made and even countries that did not meet the admission standards of a budget deficit below three percent of GDP and a national debt below 60 percent of GDP – in particular, Italy and Spain –

Within the EU itself the idea of building a Single (Common) Market for goods and services, without discrimination across national borders, underpins the idea that EU Competition Law and Policy are instrumental in achieving market integration. It would be wrong to think of EC competition policy merely as an instrument designed to bring about structural change. Rather, the promotion of competition as a process and an economic system is inextricably intertwined with the goal of market integration [and

In this report I will be explaining why and how the single market has developed, in a formal report format, for a Business Seminar. I will be evaluating the Single European Act and the workings of the Internal Market. I will analyse and evaluate how far any recent changes have succeeded and the likelihood of future changes being successful.

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).