A European Single Market for All Jacqueline Minor, Director, Horizontal Policy Development, Directorate General For the Internal Market and Services European Commission

What is the Single Market? Why a review of Single Market policy? The Single Market in 21 st Century Europe A shift in focus

The Four freedoms An area without internal frontiers where persons goods services capital can circulate freely.

The Single Market: a success story : over billion Euros in value added (2.2% of GDP) 2.75 million extra jobs (1.4 % of total employment) (figures do not include Services, where there is a huge potential)

Photo: Marc Riboux

Then, and now Enlargement – larger and more diverse EU Globalisation New technological developments Changing social and environmental context (ageing, climate change, energy) Need to reconnect with citizens

Consultation results… Wide support for the Single Market But: –Often perceived to be an affair of big business only –Citizens / businesses unaware of the Single Markets potential, and insufficiently empowered to make full use of it –Concerns about the globalisation –Application & enforcement of rules at the national level leaves much to be desired

… the response: a new approach to Single Market policy More impact driven policy, focusing on markets where biggest problems remain and on real benefits for all (example: retail financial services) Responding better to globalisation : using the Single Market to defend the EUs competitiveness and promote its values at a world- wide level Make the Single Market work better in practice – through improved partnerships with Member States

Delivering for consumers… Retail financial services: Mortgage credits Improve customers choice and mobility (e.g. facilitate switching of bank accounts) Improve financial literacy Strengthen consumer rights and redress: New laws on consumer contractual rights Collective redress

…and businesses (especially small firms) European Small Business Act for SMEs European Company statute

Facing up to globalisation Europe can be a winner: Expanding the competitive space of the Single Market – through more & better targeted free trade agreements Expanding the EUs regulatory reach : setting rules and standards worldwide Ensuring that benefits of trade reach EU citizens

Make the rules work on the ground A renewed partnership to make the Single Market work: –Improving networking between national governments and exchanging best practices with applying Single Market rules –Improving cooperation between administrations through IT networks offering translation facilities –Ensuring better coordination and more visibility at the national level – through promoting Single Market Centres –Creating a single gateway to advice / problem-solving services

Services of General Interest (SGI) Essential for daily life; ensure social, economic and territorial cohesion The Single Market helps to ensure that citizens have access to high-quality, accessible and affordable SGIs Continue pragmatic approach: modernise where necessary, provide guidance, monitor effects

To conclude: The Single Market equips Europe to meet the challenges of the 21st century. It increases opportunities for people and businesses and brings concrete benefits. It is not just a means in itself; it is a means to –advance the interests and values of Europeans in an area of globalisation; –foster economic growth, which in turn can deliver more jobs, universal access to key services, high social and environmental standards and high levels of investment in research and education to prepare for the future.