24 May 2024 16:15
The EU Council has today adopted conclusions on the situation and the future of the single market. The conclusions, entitled ‘A single market for the benefit of all’, call for a holistic new strategy for the single market with a focus on improving its regulatory framework towards enhancing its potential benefits.
The internal market is one of the main achievement of the European Union. It has provided benefits to our and social welfare and reinforced our economic global position. But we should not be complacent: the single market is still fragmented, all people don’t benefit equally from it and big players are imposing their own rules. The conclusions adopted today draw a roadmap to strengthen our single market and prepare it for the incoming global challenges.
Pierre-Yves Dermagne, Belgian Deputy Prime Minister and Minister of the Economy and Employment
A single market for the 21st century
The Council conclusions acknowledge the achievements of the single market in the 30 years of its existence, but also recognise the need for a new strategy to harness its untapped potential. The Council therefore calls on the Commission to prepare a strategy for a modernised single market before June 2025.
Better regulation
The conclusions identify the need for a more efficient regulatory framework, adapted to the green and digital transitions and fast-changing global realities. To meet that need, the Council calls for the removal of unnecessary administrative burdens and compliance obligations (i.e. excessive reporting). The conclusions also call for the identification and withdrawal of obstacles for the growth of companies, including SMEs, and the application of digital solutions in future regulation (principles like ‘think small first’, ‘once only’, ‘digital by default’ or the SME passport).
Ministers call for better use to be made of existing tools like SOLVIT centres (a support service to help companies and citizens facing problems in another member state). The conclusions call for the prevention of over-regulation, the permanent monitoring of the market situation and for coherent and strong enforcement of existing legislation. It also calls for addressing unfair commercial practices to strengthen consumer protection.
Ministers also underline the importance of better regulation, with timely, useful, and dynamic impact assessments, broad consultations (including citizens’ panels) and the use of regulatory sandboxes – temporary legal frameworks which allow the testing of innovative technologies, products, services or regulatory approaches.
Boosting the four freedoms
The conclusions also call for several measures to enhance the potential of the single market, such as the better use of private and public investment, joint public and private strategic investments and the use of public procurement. The conclusions also propose removing barriers to the provision of cross-border services by applying simplified procedures. Ministers underline the importance of improving the capacities of the EU’s workforce (with good education, training, and long-life learning) and making the single market attractive for highly skilled workers from non-EU countries. Ministers also underline the strength of the single market at global level and emphasise the importance of making the most of its core role in the World Trade Organization and the EU’s strength as a global standardisation power.
Background
2023 marked the 30th anniversary of the Treaty of Maastricht and the creation of the European single market. Since then, a comprehensive process of reflection on the opportunities and challenges it presents has been under way. The European Council of March 2023 called for ambitious action to complete the single market, and in June, EU leaders requested an independent High-Level Report on the future of the single market. The Spanish and the Belgian presidencies commissioned the former Italian Prime Minister and president of the Jacques Delors Institute, Enrico Letta, to draw up the report. The final version, entitled ‘More than a Market’ was presented at the Special European Council of 17 and 18 April 2024.
Enrico Letta report “More than a market”