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The European single market, also known as the European internal market or the European common market, is the single market comprising mainly the 27 member states of the European Union (EU). With certain exceptions, it also comprises Iceland , Liechtenstein , Norway (through the Agreement on the European Economic Area ), and Switzerland (through ...
The Eurasian Economic Union, the Gulf Cooperation Council, CARICOM and the European Union are current examples of single markets, although the GCC's single market has been described as "malfunctioning" in 2014. [5] The European Union is the only economic union whose objective is "completing the single market".
The EU as a region has produced the world's second-highest number of Nobel laureates in the economics field. [35] The European Union economy consists of an internal market of mixed economies based on free market and advanced social models. For instance, it includes an internal single market with free movement of goods, services, capital, and ...
A common market is a free trade area with relatively free movement of capital and services. The European Economic Community is sometimes referred to as the "Common Market", a regional organisation from 1958 to 1993. Common market or Common Market may also refer to: European Single Market, referred to as the "European Common Market" prior to 1993
The Single European Act (SEA) was the first major revision of the 1957 Treaty of Rome. The Act set the European Community an objective of establishing a single market by 31 December 1992, and a forerunner of the European Union's Common Foreign and Security Policy (CFSP) it helped codify European Political Co-operation.
The European Economic Area (EEA) came into being on 1 January 1994 following an agreement between the European Free Trade Association (EFTA) and the European Union (EU). It was designed to enable EFTA countries to participate in the European Single Market without having to join the EU.
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The European Economic Area (EEA) was established via the Agreement on the European Economic Area, [4] an international agreement which enables the extension of the European Union's single market to member states of the European Free Trade Association (EFTA). [5]