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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 has a long-term budget, named Multiannual Financial Framework (MFF), of €1,082.5 billion for the period 2014–2020, representing 1.02% of the EU-28's GNI. [62]The overall budget for the period 2021-2027 is of €1.8 trillion combining the MFF of €1,074.3 billion with an extraordinary recovery fund of €750 billion, known as Next Generation EU, to support member states hit by the ...
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.
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 Community (EEC) was a regional organisation created by the Treaty of Rome of 1957, [note 1] aiming to foster economic integration among its member states. It was subsequently renamed the European Community ( EC ) upon becoming integrated into the first pillar of the newly formed European Union (EU) in 1993.
The single market involves the free circulation of goods, capital, people, and services within the EU, [196] The free movement of services and of establishment allows self-employed persons to move between member states to provide services on a temporary or permanent basis. While services account for 60 per cent to 70 per cent of GDP ...
The EU shares its single market with three EFTA members via the European Economic Area agreement, and the remaining EFTA member—Switzerland—via bilateral agreements. EU Customs Union The European Union Customs Union is a customs union which consists of all the member states of the European Union and Turkey, San Marino, Monaco, Andorra and ...