A well-functioning Single Market in the European Union is vital for future growth and job creation. We could, for instance, raise GDP in the EU by a further 2.2% annually over a ten-year period if remaining barriers in the 'classic' Single Market could be eliminated.
Therefore, we need to add a specific pillar on Single Market governance to the yearly cycle of economic policy coordination in the EU – the so-called European Semester.
"The Single Market's governance must be improved if it is to promote and facilitate growth, but it must also serve as a benchmark for commitment to structural reform in the Member States", said the EPP Group Rapporteur, Ildikó Gáll-Pelcz MEP, following today's adoption of her Report on Single Market Governance in the Committee for Internal Market and Consumer Protection.
This means reinstating political oversight at the highest level, avoiding any artificial distinctions between EU and Member State competencies, while developing more efficient tools to ensure that the Single Market delivers for citizens and businesses as well.
Too many problems encountered by businesses and citizens in the Single Market remain unresolved, or are resolved only at the expense of excessive time and cost.
It is estimated that a further deepening of this 'classic' Single Market could still yield very significant additional gains: "For the Single Market to work more efficiently, businesses and citizens need to know their rights and opportunities in order to make effective use of them", Gáll-Pelcz stressed.
The priority should be the completion of the European Single Market which can be reached through the adoption and implementation of measures boosting sustainable and inclusive growth.
To better enforce Single Market rules, there is a need to further develop and strengthen existing mechanisms and achieve better synergies between them.
Steps should be taken to ensure effective resolution of problems at national level and, where possible, via informal means. This would create more opportunities for consumers, establish quality standards and stimulate more competitive prices.
"Fostering competitiveness and creating new opportunities in the Digital Single Market are key areas for the revitalisation of the common economic area", Gáll-Pelcz concluded.
Achieving the Digital Single Market could create more than 223,000 jobs in the EU by 2020.