The European Commission has published a report entitled A new strategy for the single market. The report has been prepared by Professor Mario Monti following a mandate given to him by the President of the European Commission. The mandate called on Professor Monti to prepare a report containing options and recommendations for an initiative to relaunch the single market as a key strategic objective of the Commission.
The report highlights that the single market is at a critical juncture, as it faces three challenges:
- The first challenge comes from the erosion of the political and social support for market integration in Europe. The report states that the single market today is less popular than ever, whilst Europe needs it more than ever.
- The second challenge comes from uneven policy attention given to the development of the various components of an effective and sustainable single market.
- The third challenge comes from a sense of complacency that gained strength in the past decade, as if the single market had been really completed and could thus be put to rest as a political priority. The correct functioning of monetary union and of the enlargement of the EU call the single market back onto the stage.
The report proposes a new strategy to safeguard the single market from the risk of economic nationalism, to extend it into new areas that are key for Europe’s growth and to build an adequate degree of consensus around it. Chapter 2 of the report sets out seven initiatives that are designed to build a stronger single market. Chapter 3 presents these initiatives to address the concerns that were identified during consultation. Chapter 5 reconsiders the place of the single market in the overall context of EU policy making.
View A new strategy for the single market, 9 May 2010