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It’s a better life …the benefits and challenges of the EU’s single market

It’s a better life …the benefits and challenges of the EU’s single market. John Wyles. Partner, GPlus Europe Senior Adviser, European Policy Centre. single market freedoms. people – leisure, work biz, retire goods – little red tape, light customs services capital – no limits

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It’s a better life …the benefits and challenges of the EU’s single market

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  1. It’s a better life …the benefits and challenges of the EU’s single market John Wyles. Partner, GPlus Europe Senior Adviser, European Policy Centre

  2. single market freedoms • people – leisure, work biz, retire • goods – little red tape, light customs • services • capital – no limits • freedom is relative not yet absolute

  3. delors inspiration • 1992 programme • A cure for eurosclerosis • 280 laws meant less red tape • single act (1986) passed more power to Brussels • Importance of mutual recognition of regs

  4. Gains 1992 - 2006 • Extra 2.15% gdp; 2.75m jobs; euro 877bn extra wealth • + €518 per citizen GDP rise in 2006 • Global player: • Exports Euro 415bn to Euro 985bn • Inward investment 4X higher • Outward Euro 18bn to Euro 206bn

  5. more gains • saved €5bn a year for traders and hauliers • €1.5-2bn a year telecom savings • Made Ryanair possible • 15m in another country to work or retire

  6. More benefits • Easier travel • More efficient single market – costs less to do business, stability and certainty • More efficient financial markets = cheaper credit • Stronger role in the world

  7. Single market upgrade November 2007 Commission promised: • telecoms reform package for better and cheaper communication services • better deals for consumers from financial services – esp. banking and insurance • Overhaul of European consumer protection law • Better delivery of benefits to small business • Boost development and dissemination of knowledge e.g. a European passport for researchers • Streamlining rules on electronic signatures

  8. Not working so well • More dynamic, competitive economy - No • Services – only 20% of intra-EU trade • Network industries (rail, energy etc) poorly integrated • Public procurement still very national – only 16% publicly advertised and open to x-border trading

  9. spin-offs • euro • Schengen • New powers on crime and justice • capital markets integration

  10. 2009 agenda • Economic recovery/financial regulation • Ratify reform treaty (Lisbon Treaty) • Progress “Lisbon agenda” • Climate change talks • Better regulation – 25% cut in red tape by 2012 = 1.5% boost to gdp

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