Commission plans more integrated single market

A more deeply integrated single market would increase the EU’s GDP by 2% to 5%, the European Commission declared yesterday when launching a fast-track programme to achieve this goal.

Although the single market, which abolished borders for trade in the EU thus giving companies in each member state free access to 500m consumers, is now 20 years old, it has failed to achieve its potential as each country fights to protect its own market.

But with growth heading into negative territory and unemployment on the rise in the midst of an economic crisis, Michel Barnier, the internal market commissioner, believes now is the time to break down the remaining barriers.