(Arestis, P. et al 1999)
DG ECFIN economists are playing vital role in the ongoing forward-looking review of the European Union single market that the European Commission is chalking out. The barriers still exist in the internal market of the Union. Which indicates that many benefits have yet to be realised The potential of the single market is to be contributed to a more dynamic, innovative and competitive EU From the economic perspective of the single market review, DG ECFIN analysts advised that it is time to move towards a more economics-based and results-oriented approach using the targeted monitoring of selected markets and sectors. It would bring real improvements to the operations of the single market.
The objective is to realize the four freedoms enshrined in the treaty. . At present, this vision is a successful reality in many spheres. The individuals can live, work, study or retire in any EU country. The Consumers would have an extensive choice of products and services at lower prices. The businesses would have lower costs and more opportunities to flourish in a Europe of close to 500 million customers without internal boundaries. The expected gains for the EU economy from the single market inducts an extra 2.2% on GDP and more than 2.75 million jobs created between 1992 and 2006.