EU releases its Single Market Strategy

With a GDP of €18 trillion, the EU has the world’s second-largest economy. Set up 30 years ago, the EU’s single market has created 3.6 million jobs and increased GDP by 3-4%; it is the first driver of competitiveness and growth for EU residents and businesses.

However, changes need to be made considering trade tensions and geopolitical turbulence. Additionally, productivity is flatlining at 1%. This, combined with the “10 Terrible Barriers,” which disrupt and restrict cross-border trade and investments, is creating an unfriendly business environment, driving companies and employment away from the EU.

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The following ten barriers currently affect companies operating in the market, impacting their growth, scalability, and sustainability:

1.         Lack of Single Market ownership by Member States;

2.         Complicated business establishment and operations;

3.         Lack of recognition of professional qualifications;

4.         Long delays in standard-setting that weigh on innovation and competitiveness;

5.         Fragmented rules on packaging, labelling and waste;

6.         Outdated harmonised produce rules and lack of produce compliance;

7.         Restrictive and diverging national services regulations;

8.         Burdensome procedures for the temporary posting of workers;

9.         Territorial supply constraints.

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To tackle these issues, on Wednesday, the 21^st of May, the European Commission released the Single Market Strategy. Key aims of the strategy are to cut red tape and build up a European market that encourages and rewards company scale-up.

This will be achieved by removing obstacles that SMEs encounter as they grow into larger enterprises. Other actions that will be undertaken include:

• Making it easier to temporarily post workers and set up a company in another country;
• Applying an SME check to new EU policies to reduce burdens;
• Help SMEs sustainability efforts and access green finance;
• Promote stronger links between EU funding and single market reforms;
• Make it easier for professionals to have their qualifications recognised across borders.

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Changes to the EU Single Market will expand innovation and increase market access for healthcare companies across the EU. Innovations in Medical and Digital Health Technology will no longer be restricted by borders and will be accessible for all EU consumers.

At BRIGHTskills, we are delighted to see this commitment and ambition to make the European market work for everyone. BRIGHTskills will make an important contribution to this initiative for companies and workers, by providing certified, tailored training courses recognised across borders.

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For more information:

Download the Factsheet here

Read the full strategy here

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