European Single Market is turning 30

Daily News 03 / 01 / 2023


Economy - published on 05 January 2023


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Source: European Commission Spokesperson’s Service

This year, the EU celebrates the 30th
anniversary of its Single Market
– one of the major achievements of European integration, and one of its key drivers. Established on 1 January 1993, the European Single Market allows
goods, services, people and capital to move around the EU freely
, making life easier for people and opening up new opportunities for businesses.

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.

More recently, the Single Market has been essential in helping Europe to deal with the COVID-19 pandemic and the energy crisis resulting from Russia’s invasion of Ukraine.
Preserving and strengthening the integrity of the Single Market will remain essential to allow Europe to respond to new challenges in a coordinated way and continue supporting the competitiveness
of European economies.

A press release and
a
factsheet
are available online.

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