European Single Market completes 30 years this month

Over 30 years, the Single Market has led to an unprecedented market integration between member states’ economies, serving as a driver for growth and competitiveness and supporting Europe’s economic and political power at a global level. It also played a key role in accelerating the economic development of new member states that joined the EU, removing barriers to entry and boosting growth, according to a press release by the European Commission.

More recently, the Single Market has been essential in helping Europe deal with the COVID-19 pandemic and the energy crisis resulting from Russia’s invasion of Ukraine. Based on the EU’s Fit For 55 and Digital Decade proposals, the EU’s European Green Deal is putting in place a regulatory framework to underpin Europe’s green and digital transitions. The Single Market also helps ensure the continued availability of essential inputs for businesses, including of critical raw materials and advanced technologies.

EU legislation allows consumers to trust that all products on the Single Market are safe and based on high standards of environmental, labour, personal data, and human rights protection. The continent’s response to the energy crisis is based on the REPowerEU plan, which relies on the power of the Single Market for the EU to jointly procure more diversified energy sources and significantly accelerate the development and deployment of clean and renewable energy.

ALCHEMPro News Desk (NB)