Ursula von der Leyen has unveiled the competitiveness strategy “One Europe, One Market,” targeting full single market integration by 2027. Curious about Europe’s roadmap? Consult the Euronews AI chatbot.

The EU ranks as the world’s second-largest economy; however, both established and emerging regulatory and non-regulatory hurdles continue to limit its growth capacity and resilience.

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The European Economic and Social Committee estimates that fragmentation within the single market suppresses an extra €500 billion in annual GDP, causes increased operational costs for firms, undermines competition, and negatively impacts consumer welfare. According to the International Monetary Fund, non-tariff obstacles among member countries correspond to tariffs of approximately 44% on goods and 110% on services.

These barriers weaken the bloc’s competitiveness and expand the economic divide with the US and China. The “One Europe, One Market” initiative aims to address this challenge.

Surpassing the current “four freedoms,” the Commission plans to expedite the single European market’s integration to enhance its competitive edge. Through “One Europe, one market,” the EU aspires to establish a fully cohesive single market in key sectors such as trade, digital, and energy by late 2027, elevating yearly EU GDP growth beyond the present 3-4% range.

Though still at an early stage, the plan has already secured support from member states, who will review the action program at the forthcoming European Council meeting on 19-20 March.

Interested in the EU’s intentions to strengthen its single market? Consult the Euronews AI chatbot!