The Single Market

📖 The Scoop

This report is about the need for the Commission and Member States to take action in order to prevent the Single Market project from failing to achieve expectations. Increased competition, lower prices and a wider choice of products and services are the potential benefits to consumers; access to an enormous home market is the potential benefit to business. In reality the failure of Member States to implement important legislation has maintained barriers and prevented the fuller completion of the Single Market. This failure is aggravated by the growing trend towards economic protectionism in a number of Member States. Misguided attempts to protect domestic industries and safeguard national jobs are preventing consumers and businesses from reaping the full benefits of a truly open Single Market. The EU needs to reassess the tools it uses. The legislative route is not always the most effective means for achieving Single Market goals. The increased use of other, non-legislative tools will help to overcome the difficulties of legislating for an expanded EU. National Regulatory Authorities (NRAs) must be independent of government, especially where governments have financial interests in the major market operator or national incumbent. There is no need for a 'super-regulator' at EU-level in any of the sectors considered in this inquiry: energy, telecommunications and financial services. Achieving consistent implementation begins with effective policy-making based on detailed sector-specific understanding. Currently very few SMEs are engaged in cross-border activity and this is largely due to the regulatory barriers which remain in place, and the lack of reliable information to assist businesses. The Committee welcomes the objective of engaging small business in the Single Market.

Genre: Business & Economics / General (fancy, right?)