FIW-Policy Brief No. 57 „EU’s Single Market at 30“

Im kürzlich erschienenen FIW Policy Brief Nr. 57 zieht Fritz Breuss (WIFO, Wirtschaftsuniversität Wien) Bilanz über die Auswirkungen des Europäischen Binnenmarktes und zeigt die Herausforderungen für die Wirtschaftspolitik zur Sicherung und Weiterentwicklung der europäischen Grundfreiheiten auf.

Abstract:
With the establishment of the Single Market in 1993, the EU created the centerpiece of European Integration. The Economic and Monetary union (EMU) with the introduction of the Euro should complete the economic integration. The anniversary of 30 years of EU’s SM offers the opportunity to evaluate what has been achieved and what still needs to be accomplished. With the SMP the EU started with a noble goal to create a free market comparable to that of the USA. Over the last decade, however, a series of crises have prevented the goals from being achieved: the global financial crisis 2008, the Great Recession 2009, followed by the Euro crisis in 2010. Ten years later, the COVID-19 crisis 2020/21 shocked Europe, followed by the energy crisis (connected with Russia’s invasion of Ukraine) in 2022. The last two crises have even led to deviating from the path of the free-market economy and to embark – via emergency measures – into a controlled market economy, if not into a semi-planned economy. Nevertheless, overall, the creation of EU’s SM had increased prosperity via an intensification of intra-EU trade.

Fritz Breuss (WIFO, Vienna University of Economics and Business)
EU’s Single Market at 30
FIW-Policy Brief Nr. 57
Jänner 2023

Der Policy Brief wurde auf der 48. FIW Vorlesung am 26. Januar 2023 vorgestellt.