(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.
The single market may be deemed as a natural coefficient of economic and monetary union (EMU). The euro is not only substitutes the single market by removing the costs and inconveniences of multiple currencies, but it is also the concrete expression of the willingness of the euro-area Member States to work together within EMU. This is a strong, united and sustainable EU economy that can defend Europe's citizens against global catastrophe and turbulence.
Many policies for a single market
Using a constitutional political economy approach, this paper attempts to demonstrate that both the "principle of integrity" and the "principle of efficiency" of collective action appear to be violated by the European economic constitution. This occurs, respectively, because its provisions are not neutral, nor revisable, and because they do not sufficiently allow for the possibility of cooperative collective decision (leading to convergence in welfare) in a more than ever numerous and heterogeneous EU. Essential argument in this respect regards the implications of the structurally different economic performances and incentives of small and large countries under the European economic constitution. (Laurent, E., and Cacheux, J. L. (2005),
From the very beginning, the single market mechanism was more important than an economic policy decision. The ongoing crucial negotiations on an EU patent to defend European innovations; and a common trade policy. It would gives flawless access to the single market for our global trade partners while promoting EU exports and our social and environmental standards globally.
It was expected to launch a more dynamic, innovative and competitive EU economy. This has not materialized: economic growth in the EU, determined by GDP per capita, has been below that of the US over the last ten years. Fabienne Ilzkovitz, one of the report's authors, who clarifies the economic