The illusive single market

Abstract

The European Union is foremost an economic undertaking. The fact that the second and third pillars receive growing attention should not divert from the fact, that member states are mostly impacted from the single market. Since the Rome Treaty was adopted in 1957 the European Union has sought to create a common market in goods, services, capital and people, which was reinforced when the Single Market came into force on 1 January 1993. The Lisbon European Council adopted an economic reform program with the aim of making "the EU the most competitive and dynamic knowledge-based economy in the world by 2010". The single market was intended to replace distinct national market structures with a European Union market structures. Yet, in several areas the single market is far from a reality. Analyzing several aspects of the “illusive” single market, this panel enquires into a core aspect of the nature of the EU. So far, this panel looks at three areas: corporate governance, services, and taxes, and explores, why it has been so difficult to establish the single market. These questions are of specific salience since enlargement rapidly approaches and applicant countries have been asked to adopt far-reaching reforms to create a single market. However, if the EU demands that applicant countries establish a single market yet does not itself meet its requirements then serious disagreements could emerge between the EU and applicant states. Further papers are invited.

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