Completing the Single Market to Ensure EU’s Strategic Competitiveness

In the year marking the 30th anniversary of the Single Market, restoring EU competitiveness and completing the Single Market are finally at the centre of the EU agenda.

The competitiveness package published by the European Commission in March 2023 may be the most comprehensive EU action to support European businesses in at least a decade. Of equal importance is the "The Single Market at 30" Communication, in which the Commission has renewed its commitment to completing the Single Market in cooperation with all levels of governance and all stakeholders. To this end, a High-Level Report on the future of the Single Market is being prepared by former Italian Head of government Enrico Letta, to be presented to the European Council in March 2024.

For years, the completion of the Single Market has remained a well-meant intention on paper, but now it is high time to finally turn intentions into actions. And companies are called upon to play a key role in shaping this path towards deepening the Single Market.

It is impossible to overlook the fact that, in recent years, new EU legislation has been responsible for the emergence of additional barriers, compounded by EU Member States introducing extra technical criteria at the national level, known as "gold-plating". These obstacles not only hinder companies seeking to invest at scale in the EU and SMEs aspiring to growth quickly, but they also act as a deterrent to private investment, therefore impeding progress on the twin transition and on Open Strategic Autonomy and Economic Security.

Looking at global economic developments over the past 20 years, companies are increasingly exposed to competition from third countries in terms of input factors, such as energy prices, recruitment of skilled labour and access to competitive financing, to name a few. One of the great potentials of deepening the internal market lies in creating better access to such input factors within the EU. In fact, deeper integration is set to unlock EUR 700+ billion before 2030.

The European way to competitiveness and open strategic autonomy has to be the way of the Single Market. In fact, the Spanish Presidency has put open strategic autonomy at the centre of its priorities, and the recent Commission Communication of 27 September, "Towards a more resilient, competitive and sustainable Europe", focuses on the Single Market as the basis for achieving its goals. Faced with a more conflictual, volatile and complex world, renewing the dynamic of European integration by deepening our Single Market is the best and most practical solution to improve the EU's competitiveness and thereby allow the EU to remain a global player.

The event "Completing the Single Market to ensure the EU’s Strategic Competitiveness", co-organised by the EESC Employers' Group, the Spanish Confederation of Employers' Organisations (CEOE) and the Business Confederation of the Valencian Community (CEV), aims to bring together employers and company representatives, as well as academics and institutional representatives in a forward-looking discussion about the future of the single market.

The recommendations stemming from the event aim to contribute to the High-Level Report on the future of the Single Market by Enrico Letta.

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