Belgium, (Brussels Morning Newspaper) The European Commission has marked the 30th anniversary of the EU single market, releasing the 2023 market report and the 2022 market scoreboard.
In a statement released on Tuesday, the EC stressed that the single market is EU’s most important tool for addressing challenges and added that the bloc is continuously improving it.
The 2022 scoreboard and the 2023 report will help the bloc to strengthen the market and make it more resilient, the Commission stressed.
European Commissioner for Competition Margrethe Vestager noted “the single market has brought countless benefits to European business, consumers and citizens for 30 years.”
“Still, more needs to be done to ensure its proper functioning, to preserve the level playing field and unleash its untapped potential to benefit both people and businesses,” she concluded.
Thierry Breton, European Commissioner for Internal Market, pointed out “today’s reports provide additional evidence of the central role that the single market plays in our daily lives and in helping EU businesses and SMEs to grow and expand.”
He added that the EC will “continue to work with member states to ensure that they apply EU law properly and their administrations do not draw up new barriers in particular in the area of services.”
Importance of the single market
Breton concluded that the single market will continue to strengthen EU’s resilience, competitiveness and job creation “in the current geopolitical context and with fierce global competition.”
In the 2023 report, the EC stressed the importance of strengthening supply chains and addressing the bloc’ dependencies on imports, adding that more integration is needed in the services market.
In the 2022 scoreboard, the body noted that the single market has contributed to the green push and the digital transition by removing barriers, attracting investments and supporting businesses, among other.
The Commission noted that it will publish an analysis of the single market in the coming weeks and reminded that the first report on the market was released in 2021.
It added that the first market scoreboard was released in 1997 and pointed out that the new scoreboard includes new indicators for regulatory burden, administrative responsiveness and accessibility of services, among other.