The rediscovery of the single market

EU-Lok 30 Jahre Europäischer Binnenmarkt. IC der ÖBB mit Lokomotive in Sonderlackierung im Hauptbahnhof Stuttgart. — Locomotive „30 years of the European single market“: The share of goods trade between the EU states in the joint economic output is only 23 percent.

The single market is often invoked in Sunday speeches, but integration has made little progress for years. With Mario Draghi and Enrico Letta, two elder statesmen are now supposed to put the project back on the political agenda. Despite the economic problems, however, there is little appetite for it among governments.

Under Ursula von der Leyen, the EU Commission has introduced a wide range of laws on sustainability and digitalization over the past four years. However, the boost for the domestic economy that was hoped for has so far failed to materialize. The authority expects only 1.3 percent growth in the EU for 2024 and hardly any more for the following two years. Europe must thus fear losing further ground to other economic powers such as the USA and China.

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