25 years ago, the single market was created to enhance the lives of European citizens and businesses. It has boosted growth, increased jobs and made the EU the biggest trader in the world. An integrated economic system, the single market provides a frictionless network for trade and capital, ultimately making it easier for EU countries to trade with each other. Moreover, the freedom of movement across national borders is one of the single market’s greatest assets (notably in the Schengen Area, where you will not be faced with border control when travelling between countries).
The UK’s Prime Minister, Theresa May, has committed to leaving the single market (and the customs union) after the transition period, due to end on the 31st December 2020. The EU’s chief Brexit negotiator, Michael Barnier, stated that ‘if the UK changed its “red lines” during the post-Brexit transition period, the EU would also change its position’ (Source: BBC News, 2018).
In an ever-changing political climate, it can be difficult to stay up-to-date; particularly, separating fact from fiction. This short clip from EU Institutions explores how the single market is used in an everyday, regional and local context. Further information on the single market, and how it differs to the customs union, can be found HERE.