The Single European Market
In order to understand the evolvement of the Single Market of the European Union, one has to take the general background into consideration. Therefore, it is important to have a look at the Treaty on European Union (Maastricht Treaty) which gave birth to the creation of the Single Market. Having been the Common Market before the Maastricht treaty, the European Economic Community (EEC) Treaty already clarified the objective of cooperation between member states. Throughout the Single Market, those objectives should be transformed into reality.
By the signing of the Treaty on European Union (TEU, formal for Maastricht Treaty) in 1992 and its entering into force in November 1993, the European Union was …show more content…
2.5 Free Movement of Capital
The last kind of freedom applies to the free movement of capital and means that all restrictions on the movement of capital between Member States or between Member States and third countries shall be prohibited (Article 56). Additionally, Article 59 declares where, in exceptional circumstances, movements of capital to or from third countries cause, or threaten to cause, serious difficulties for the operation of economic and monetary union, the Council, acting by a qualified majority on a proposal from the Commission and after consulting the European Central Bank (ECB), may take safeguard measures with regard to third countries for a period not exceeding six months if such measures are strictly necessary. Especially the monetary union has eased