Revitalising the Single Market: Challenges and opportunities for EU’s new leadership
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The EU leadership plays a key role in furthering human development, sustainable growth and decreasing inequalities in Europe. Over the past 20 years, the European Single Market (SM) has sought to guarantee the free movement of goods, capital, services and labour within the EU, stimulating competition and trade, improving efficiency, raising quality, and helping to cut prices.
On September 10th, amongst her priorities, new Commission President Ursula Von der Leyen underlined the importance of “upgrading our unique social market economy”. But as some European Member States transition further into service economies, it is argued the SM is failing to keep up, as its rules and regulations that dictate the use of services are not ‘in sync’.
There are several challenges to be tackled. EU competition policy should be shaped to accommodate new market factors such as AI and big data to enable companies to compete at a global level. On the financial side, tax evasion remains a problem. And the European Energy market must take into account differences between Member States’ energy mixes, deciding how a just energy transition should be funded.