Examining the recent upgrading of the European Single Market

• Author: Tache I.
• Pages: 309-314

Bulletin of the Transilvania University of Braşov

Series V: Economic Sciences • Vol. 9 (58) No. 1 - 2016

Examining the recent upgrading of the European

Single Market

Ileana TACHE1

Abstract: This paper aims at discussing how the Single European Market is adapting to the

changing global environment, especially to the effects of the economic and financial crisis,

which was a major test for the European economies and created important social costs.

Based on an attentive analysis of the main Communications of the European Commission,

some interesting conclusions are derived regarding the beneficial results of the continuous

strengthening of the four free movements (of goods, services, capital and people) created by

the Single Market in the European Union.

Key-words: Single European Market, global economic crisis, European Energy Union,

Digital Single Market, Capital Markets Union.

1. Introduction

The Single European Market refers to the EU as one territory without any internal

borders or other regulatory barriers to the free movement of goods and services. A

functioning Single Market stimulates competition and trade, improves efficiency,

raises quality, and helps cut prices. The European Single Market is one of the EU’s

greatest achievements. It has fuelled economic growth and made the everyday life of

European businesses and people easier (European Commission, 2015 a).

This paper intends to discuss how the Single European Market is adapting to

the changing global environment, especially to the effects of the economic and

financial crisis, which was a major test for the European economies and created

significant social costs.

In order to attain this objective, the paper is organized as follows. The next

section presents a brief history of the Single Market implementation and its positive

effects for the European economy, including creation of jobs, increasing industrial

competitiveness, lower prices for consumers and liberty to live, study and work

wherever in the European Union. Then the efforts of upgrading the single Market

are attentively analysed, taking into consideration the recent EU trade mark that

comes into effect, the improved flexibility for service contracts and the electronic

1 Transilvania University of Braşov, ileanatache@unitbv.ro