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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 European Economic Community was the first large-scale example of a common market. [ a ] A single market allows for people, goods, services and capital to move around a union as freely as they do within a single country – instead of being obstructed by national borders and barriers as they were in the past.
The transport of goods is the most integrated sector to date following a historical evolution due to a certain "priority" given to this sector within the institutional framework in the early phases of the European project. Now that services account for more than two-thirds of the European economy, and yet the Single Market lags behind in the ...
In 1999 was created the financial services action plan, first step in creating a single market for capital, and in 2011 the European Supervisory Authority, in order to insure the European financial markets stability. Only four years later, is the CMU project presented by Jean-Claude Juncker.
The EU as a region has produced the world's second-highest number of Nobel laureates in the economics field. [36] 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 ...
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 "objectives" were introduced with the Single European Act as a criterion to make the Structural Funds spending more effective as Regional Policy started to be rationalised in a perspective of economic and social cohesion. The Single European Act, that entered into force in 1987, institutionalised the goal of completing the internal market ...
The assessment performed by the European Union takes into account factual evidence along with an economic assessment showing an analysis of deontological whilst using the categorical thinking to be able to show the likely consumer harm inflicted to the single market and ultimately consumer welfare. [112]