Has the EU Single Market Failed to Deliver on Its Economic Promises?
-
The EU's single market has failed to deliver on its promises of boosting trade, competitiveness, and economic growth. Intra-EU trade has barely grown since the 1990s.
-
Instead of accelerating growth, the single market has coincided with slower EU growth compared to the US, China, and India. The EU's share of global GDP has declined from 30% to 15%.
-
The single market created more regulation and bureaucracy rather than open access. This stifled innovation and growth. It also regulated wages and working hours, undermining competitiveness.
-
The single market never really extended to services, which account for 85%+ of output. It remained focused on goods and manufacturing rather than the modern service economy.
-
The single currency (euro) that launched alongside the single market has been poorly designed and plunged parts of the EU into permanent economic depression.