European Union Single Market: design and development
What precisely is a Single Market, how it has been designed in the case of the European Union (e.g. in the treaty) and how it has developed over 5 decades, are the three questions answered in this contribution. It is first shown that the design of a Single Market matters: it is not just about goods markets (despite the enormous emphasis in the literature on this aspect) but also about services, labour, capital and codified technology. In order to have a Single Market function properly, it is indispensable to combine negative integration (removal of barriers) with a considerable ambition in positive integration (common regulation, selected common policies, common market institutions where appropriate and endowed with proportionate but sometimes overriding powers). The treaty contained a unique design which has been â€˜upgradedâ€™ with the increasing ambitions of â€˜deepeningâ€™ and â€˜wideningâ€™ of scope of markets and policies in the EU. The development of the EU Single Market is stylized in four accomplished stages after the mid-1980s, when the â€˜customs-union-plusâ€™ was overcome for a much â€˜deeperâ€™ internal market, until today.
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|This chapter was published in: Steven N. Durlauf & Lawrence E. Blume (ed.) , , pages , 2011, 4th quarter update.|
|This item is provided by Palgrave Macmillan in its series The New Palgrave Dictionary of Economics with number v:5:year:2011:doi:3865.|
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