Between the inception of the idea of a European single market in the 1980s, its design and launch in the early 1990s lie many historical changes on our continent and beyond. Since then, the EU itself more than doubled in size and membership, dealt with crises and conflicts, with natural, economic, social and technological challenges.

Since then, the geopolitical situation has changed dramatically, too. A new superpower has risen in Asia and become a systemic rival for the EU on many levels. Over the years, the principles of the internal market, i.e. the free movement of goods, services, capital and labour have proven a boon for the EU's economic performance. However, it remains far from perfect.

The implementation of the commonly agreed rules can be rather patchy, administrative requirements have mushroomed and market surveillance capacities are woefully limited. In addition, it is currently struggling with conflicting objectives: requests for subsidies by industry but also other actors on the national level versus calls to limit State aid and keep the playing field level across Member States; local production requirements to keep value creation and employment in Europe versus demands for open markets and access to them as a way of remaining cost-competitive with global competitors and providing consumers with affordable products; access to indispensable raw materials for the production of goods from cars, to wind turbines or solar panels, to kitchen or garden appliances versus supply conditions of these resources, such as guaranteeing labour and environmental standards and dealing with competitors for such resources.

Openness of the EU's markets and borders, a key aspect behind the original single market thinking, has become insufficient in a world that no longer respects multilaterally agreed international trade rules. In fact, it risks turning into a weak point for the EU if it isn't equipped with some safeguards, such as strict surveillance of the quality and safety of products entering the EU market or the screening of investments and related objectives by the investors. In a world that is turning away from multilateral rules-based systems towards states restricting or limiting access to resources based on their national interests, the economics of globalisation, of internationally integrated supply chains no longer function.

An internal market that was based on these rules therefore needs a new strategy. It should focus on several aspects: a European industrial policy, a favourable framework for businesses and SMEs, social economy enterprises, public support for the European project, properly organised and efficient services of general interest and steps to preserve and develop our social model.

In the EESC's view the completion of the EU capital market is crucial for deepening the internal market. The capital market should be focused on financing the production, purchase and flow of goods and services, in particular by supporting businesses' R&D&I and services of general interest, and by encouraging entrepreneurship.

Furthermore, priority should be given to policies that provide a framework for innovation by private companies and favour innovation through access to venture capital and cooperation between industry and science. The enforcement of the acquis must be a further priority for strengthening the internal market. Unfortunately, many of these rules have not been transposed into national law, are being implemented very differently, or are being applied to very different degrees. This is a serious and substantial obstacle to the smooth functioning of the internal market.