Internal market : from crisis to opportunity : putting citizens and companies on the path to prosperity.
Date: 2014-01-24
Institutions: Directorate-General for Communication
Subjects: consumer, dissemination of EU information, public awareness campaign, single market, single monetary policy, small and medium-sized enterprises

T h e  eu r o p e a n   
unIo n   

e x p l aIn e d

From crisis to 
opportunity — 
putting citizens 
and companies 
on the path to 
prosperity

Internal market

‘A  b et t er   fun ct io nin g  in t ern al  m ar ke t 
is   a  ke y  in gre die nt  fo r  Eu ro pean 
gr owth .’

Mic he l  B ar nier,   
Eu r op ean  C o m m iss i on e r fo r   
I nt er nal   Market  an d  Se r vi ce s

Contents

Why we need an internal market  .  .  . . 3

how the eu manages  
the internal market  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . 5

What the eu does  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . 7

What’s next?  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 12

Find out more  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 12

the european Union explained: Internal market

European Commission
Directorate-General for Communication
Publications
1049 Brussels
BELGIUM

Manuscript completed in August 2013

Cover and page 1 picture: © iStockphoto.com/melhi

pp. 16 — 21 × 29.7 cm
ISBN 978-92-79-24613-5
doi:10.2775/80698

Luxembourg: Publications Office of the European Union, 
2013

© European Union, 2013
Reproduction is authorised. For any use or reproduction 
of individual photos, permission must be sought directly 
from the copyright holders.

the eUropean UnIon 
explaIned

This publication is a part of a series that explains  
what the EU does in different policy areas,  
why the EU is involved and what the results are.

You can see online which ones are available  
and download them at:
http://europa.eu/pol/index_en.htm

How the EU works
Europe 2020: Europe’s growth strategy
The founding fathers of the EU

Agriculture
Borders and security
Budget
Climate action
Competition 
Consumers
Culture and audiovisual
Customs
Development and cooperation
Digital agenda
Economic and monetary union and the euro 
Education, training, youth and sport
Employment and social affairs
Energy
Enlargement
Enterprise
Environment
Fight against fraud
Fisheries and maritime affairs 
Food safety
Foreign affairs and security policy
Humanitarian aid and civil protection

Internal market 

Justice, citizenship, fundamental rights
Migration and asylum
Public health
Regional policy
Research and innovation
Taxation
Trade
Transport

3

Why we need an internal market

The European internal market, also referred to as the 
single market, allows people and businesses to move 
and trade freely across the 28-nation group. In practice, 
it gives individuals the right to earn a living, study or 
retire in another EU country. It also gives consumers 
a wider choice of items to buy at competitive prices, 
allows them to enjoy greater protection when shopping 
at home, abroad or online and makes it easier and 
cheaper for companies large and small to do business 
across borders and to compete globally.

an ever-growing single market

During its 20-plus years of existence, the single market 
has grown from 345 million consumers in 1992 to 
over 500 million today. Cross-border trade between EU 
countries has also grown from €800 billion in 1992 
to €2.8 trillion in 2011 in terms of the value of goods 
exchanged. During the same time period, trade between 
the EU and the rest of the world tripled, from €500 
billion in 1992 to €1.5 trillion in 2011.

The four freedoms

The cornerstones of the single market are the free 
movement of people, goods, services and capital, 
known collectively as the ‘four freedoms’, which are 
enshrined in the EU Treaty. The same treaty empowers 
EU institutions to adopt laws (in the form of regulations, 
directives and decisions) which take precedence over 
national law and are binding on national authorities. 
The European Commission plays an important role in 
proposing EU legislation, upholding the EU treaties and 
ensuring that EU law is properly applied throughout the 
EU — by individuals, national authorities and other EU 
institutions.

a single currency to boost   
the single market

A market works better when everyone uses the same 
money. The first step towards a shared currency 
occurred on 1 January 1999 with the creation of the 
euro. Exactly 3 years later, euro notes and coins came 
into circulation. Today the euro is used by consumers 
and businesses in 17 member countries, known 
collectively as the euro area. The euro has proven 
resilient during the sovereign-debt crisis, retaining 
its purchasing power as the EU has come to the 
aid of high-debt countries. It is also widely used in 
international payments and is one of the world’s major 
currencies, alongside the US dollar and the Japanese 
yen. At the beginning of 2014, Latvia will become the 
18th country to adopt the euro.

Single market snapshot: facts and 
figures

 — Largest GDP of any economy in the 

world

 — 500 million consumers, 20 million 

SMEs

 — 28 member countries
 — Symbol of European integration
 — Largest global exporter and importer of 

food and feed

 — 7 % of the world’s population
 — 20 % of global exports and imports

The EU single market gives consumers a wider choice  
of items to buy at competitive prices when shopping at home, 
abroad or online. 

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Internal market 
an evolving policy

The people speak

4

The Single European Act of 1987 was the first major 
revision of the 1950s’ Treaty of Rome, which created 
what later evolved into the European Union. The 
overriding goal of the act was to add momentum to 
the European integration and the common market that 
already existed. The act amended the rules governing 
the operation of the European institutions and 
expanded their powers in certain fields. On this basis, 
the EU leaders agreed a famous plan with a timetable 
for a number of new rules in order to ‘complete the 
single market’. This succeeded and on 1 January 1993, 
the single market became a reality for the then 12 
Member States.

Today, the single market comprises 28 countries. 
Through agreements between the EU and Iceland, 
Liechtenstein and Norway, most single market rules 
also apply in these countries (as part of the European 
Economic Area), except for laws on fisheries and 
agriculture. Within the EU, passport-free travel without 
any border control is allowed in 22 countries belonging 
to the Schengen area.

But the single market is far from achieving its full 
potential. Today, during the crisis, it is more necessary 
than ever to address areas where the single market 
does not yet function as it should to the benefit of 
citizens and businesses. This can be done by improving 
regulation and oversight of financial services, the 
banking sector in particular.

There are also important socioeconomic factors at 
play. An ageing population highlights the need for 
more financial security, while growth in the use of IT 
tools and the Internet among all age groups means 
more people shopping online, and hence the need for 
appropriate legislation in these areas. In addition,  
more integrated and interdependent financial markets 
— and the spread of online banking and electronic 
transactions — demand stronger regulation and 
oversight at EU level.

European citizens are, in general, satisfied that the 
single market offers a bigger choice of products, 
more jobs and fair competition, according to a 2011 
Eurobarometer survey. On the other hand, the single 
market is still perceived by many as benefiting only 
big companies, worsening working conditions and not 
improving the lives of poor and disadvantaged people. 
The survey shows that the single market is still far from 
complete, and that more than a third of all Europeans 
(35 %) are not aware of the benefits it has to offer.

Moving beyond the crisis

The economic and financial crisis has hit the EU 
hard, causing six consecutive quarters of economic 
contraction and the jobless rate to soar to 19 million. 
The crisis has affected EU member countries differently 
— with five requiring emergency aid — and exposed 
structural weaknesses in several countries. It has also 
damaged public finances and shaken public trust in the 
banking sector.

But the crisis is not the end of the road. The EU can 
emerge stronger through better coordination between 
economic policies and a better functioning of the single 
market, and by putting the financial sector under a 
single supervisor and one set of rules. Completing — 
and restoring confidence in — the single market is an 
important element in the effort to put the EU back on 
the path towards economic recovery.

The euro is used as the single currency by consumers and 
businesses in 17, soon to be 18, EU countries, known 
collectively as the euro area.

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The european union explained 
 
5

how the eU manages the internal market

The European Commission has several tools at its 
disposal to ensure a well-functioning single market for 
all. Over the past 20 years, there have been two major 
developments on this front. Twenty years ago, the main 
ways of solving problems were through adopting new 
legislation or taking legal action against EU countries. 
Today’s approach is more ambitious and practical, based 
on close cooperation between the Commission and 
EU countries, as well as with citizens and companies 
about how the single market works in practice. Also, 
IT tools and the Internet have transformed the way 
information is provided, so it is easier and quicker for the 
Commission to collect feedback from those affected by 
new rules and regulations.

After new legislation is adopted, authorities monitor 
how it is implemented and applied. To be effective, 
national authorities need to be connected with each 
other across borders so that they can work together 
to tackle any problems that arise. Feedback from 
each stage of the cycle is collected and evaluated so 
that policymakers can decide whether new legislation 
is needed or whether existing legislation should be 
adapted or repealed.

Consulting the public

When considering what direction to take, the 
Commission often seeks input from the public, 
businesses, trade associations, unions and others 
through what is known as an open consultation, usually 
conducted online. Interested parties can submit their 
experiences and suggestions in writing. The Commission 
takes these views into account when drafting new 
legislation, and then ensures that it is properly 
implemented and enforced throughout the EU.

The scoreboard shows whether  
eu rules are enforced

EU rules have to be ‘transposed’ into national law 
in order to work. Since 1998, the Commission has 
rated Member States’ records in implementing and 
enforcing single market rules through an ‘internal 
market scoreboard’. In the online reporting system, it 
is possible to see the best and worst performers by 
means of a chart using traffic lights — green for above 
average, yellow for average and red for below average, 
where countries have to beef up their efforts. Despite 

the present economic turmoil, the EU Member States 
continue to implement almost all EU rules — only 
0.6 % of single market directives are not transposed 
into national law on time.

Taking legal action over infringements

Each Member State is responsible for the correct and 
timely implementation of EU law, and it is up to the 
Commission to ensure that they do so. Consequently, 
where a Member State fails to comply with EU law, 
the Commission has powers of its own to try to end 
the infringement and — as a last resort — may refer 
the case to the EU’s Court of Justice in Luxembourg. 
There are several formal stages in the infringement 
procedure, which often begin with an investigation 
by the Commission in response to a complaint. The 
Commission can also launch an investigation on its own 
initiative if it believes that there is a problem.

If the matter is not solved in the exchanges of opinions 
between the Commission and the Member State 
government, the Court of Justice might be asked to 
deliver a judgment stating whether or not there has 
been an infringement. But the Court can neither annul 
a national measure found to be incompatible with EU 
law nor order the Member State to pay damages to 
an individual adversely affected by an infringement of 
EU law. It is rather up to the Member State concerned 
to take whatever measures are needed to comply. 
If the Member State still does not comply, then the 
Commission may return to the Court to request periodic 
penalty payments until the infringement is brought 
to an end, and/or request that a lump sum penalty be 
imposed on the Member State.

Rulings often set important precedents in clarifying 
points about existing legislation. An example is that 
the Court has repeatedly ruled against special ‘golden 
share’ voting rights in privatised companies, saying that 
such privileges hamper the free movement of capital.

a pro-consumer competition policy

EU policies on competition and the single market 
go hand in hand, since the former policy is all about 
applying rules to make sure businesses compete 
fairly with each other. This creates a wider choice for 
consumers and helps improve prices and improve 

Internal marketquality. There are a number of competition cases where 
the Commission’s actions have resulted in a direct 
benefit for consumers across the single market. One 
example is in the telecommunications field, where 
mobile phone operators were overcharging to connect 
calls from another operator’s network (up to 10 times 
more than for fixed lines).

In 2009, the Commission instructed EU telecoms 
regulators to ensure that these connection rates were 
based on their real costs. The Commission has fined 
individual operators for their anticompetitive practices, 
all of which has led to cheaper phone rates and a more 
transparent pricing system across the EU. For more 
information about the EU competition policy, see the 
‘Competition’ brochure in this series.

Getting the word out

Informing citizens and businesses about the rights and 
opportunities offered to them by the single market is 
one of the European Commission’s most important 
tasks. The Internet makes it easy to spread the word 
quickly and efficiently, and to give regular updates in all 
EU languages.

Looking for a job? Why not try working abroad? The single 
market guarantees all EU citizens the right to work and study 
in other EU countries. 

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The Your europe portal provides user-friendly practical 
information for EU nationals and businesses, from 
travel documents and passengers’ rights to opening 
a bank account in another EU country and what to do 
in case of unforeseen medical treatment while on a 
temporary stay in another member country. Businesses 
can also get a handle on taxes and accounts, and where 
to apply for funding from banks or venture capital 
funds supported by the EU.

extending a helping hand

But the EU does more than just get information out to 
individuals and businesses. Through various channels, 
it actually helps them make the most of the single 
market and overcome real-life problems. Any EU 
citizen shopping for goods and services in other EU 
countries, Iceland or Norway who needs advice can 
contact the european Consumer Centres . Free of 
charge, the centres give practical tips on saving money 
and avoiding problems. They also provide expert help 
in filing consumer complaints, always starting with an 
attempt at an amicable solution.

In 2006, the Consumer protection Cooperation network 
was launched. This network links the national authorities 
of all EU countries and allows authorities to assist each 
other in preventing harmful commercial practices that 
contravene EU consumer rules in cross-border situations 
— for example by exchanging relevant information. Since 
its launch, the network has handled over 1 200 mutual 
assistance requests and over 200 alerts.

The Solvit network directly assists citizens and 
businesses to find fast and pragmatic solutions to 
problems caused by the misapplication of EU rules by 
public authorities. Some of the most common problems 
relate to recognition of professional qualifications, access 
to education, residence permits and social security.

Businesses seeking to provide services in more than 
one EU member country can also get information about 
relevant procedures and requirements through so-called 
points of single contact — single entry points they 
can access electronically either at home or in another 
EU country. Last but not least, European entrepreneurs 
can get a wide range of free business support, including 
expert advice on EU single market legislation from 
patents to taxation issues, from the enterprise europe 
network, which has close to 600 member organisations 
in 50 countries.

The european union explained 
7

What the eU does

Completing the single market is a priority for the 
European Commission as it seeks to reinvigorate the 
European economy after the crisis. That is the motivation 
behind the Single Market Acts I and II, a series of 
measures to boost the economy and create jobs.

priority actions for new growth

In April 2011, the European Commission adopted the 
Single Market Act I. It set forth 12 projects to relaunch 
the European economy and open the door to greater 
growth, competitiveness and social progress. The 
Commission compiled the list after reviewing some 
850 contributions submitted during 4 months of public 
debate as well as opinions and conclusions from other 
EU institutions. Each action was quickly followed up with 
concrete proposals for new legislation or rule changes 
to improve daily life for citizens, consumers, workers 
and businesses, particularly small enterprises.

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One goal was to improve access to finance for 
start-up companies, which often lack the resources 
needed to recruit staff, launch new products or build 
up infrastructure, putting them at a competitive 
disadvantage. For this reason the Commission proposed 
a regulation setting uniform rules for the marketing 
of venture capital funds across Europe. As of July 
2013, the new single rulebook should help these funds 
attract more capital commitments and become even 
bigger, opening up growth prospects for entrepreneurial 
enterprises.

Improving worker mobility in the EU was another 
priority of the Single Market Act I, in light of the fact 
that many posts for highly qualified personnel remain 
vacant. The Commission proposed to introduce a 
‘European professional card’, which helps individuals 
to gain easier and quicker recognition of their 
qualifications across the EU.

European industry is more competitive when companies can 
sell their products all over the single market.

Keeping up the momentum

In October 2012, the European Commission put forward 
an additional 12 key actions as part of the Single 
Market Act II.

These actions can be grouped into four main drivers 
for growth. They are: integrated networks, cross-border 
mobility of citizens and business, the digital economy, 
and actions that reinforce cohesion and consumer 
benefits. ‘This is our chance to use our golden asset, 
the single market, to see our social market economy 
be competitive and thrive again,’ Commissioner Barnier 
said when announcing the initiative.

The Commission has followed up with concrete 
proposals in each area. In March 2013, it proposed new 
rules to slash the cost of rolling out high-speed Internet 
by 30 %. The rules are based on best practices already 
tried out in Germany, Spain, France, Italy, Lithuania, 
the Netherlands, Poland, Portugal, Slovenia, Sweden 
and the United Kingdom. However, the EU initiative 
leaves organisational issues largely to the discretion of 
member countries.

Internal market 
 
 
To boost consumer confidence, the Commission also 
proposed in February 2013 new safety rules for 
consumer products circulating in the single market, as 
well as stepped-up market surveillance for non-food 
products, especially those imported from outside 
the EU. The objective is to keep harmful products 
from getting into consumers’ hands and to improve 
traceability so that they can be easily identified and 
quickly withdrawn from the market in the event of a 
problem. Once adopted by the European Parliament and 
the Council, the new rules will be enforced by national 
market surveillance authorities. These authorities will 
work more closely together to coordinate product safety 
checks, especially at the EU’s external borders.

a single market for consumers

The single market exists for the benefit of the EU’s  
500 million consumers, who have the right to buy 
goods and services from any merchant (under the same 
conditions and contractual obligations everywhere). 
The more they can make informed choices, the greater 
the impact on strengthening the single market and on 
stimulating competition, innovation and growth.

8

The Internet

Although many individuals may take the Internet for 
granted, many of the networks and services that have 
developed over the past 20 years owe their existence to 
a proactive and flexible EU policy towards the Internet. 
The latest gadget or fashion may now be ordered from 
another European country and delivered to the front 
door. A company located at one end of the continent 
may join forces with one at the other end to offer a 
better service or greater selection of products. In this 
modern, online world, the buyer also has more power to 
influence service through e-mail or publishing a review 
online. But the Internet’s impact goes well beyond just 
shopping and includes the cultural realm. Thanks to the 
EU’s single market policy, the public can now access 
digital versions of European literature, films, paintings 
and other artistic creations through the Europeana.eu 
web portal.

More competition in the energy market

Through single market legislation introduced over the 
past decade and a half, in combination with competition 
enforcement, national markets are no longer controlled 
by state-owned monopolies but are open to suppliers 
from abroad. As a result, private households and 
businesses are now free to choose their suppliers. 
More cross-border trade in the energy sector also 
helps prevent supply disruptions and power cuts in EU 
member countries. Several European energy companies 
are also now active in more than one member country, 
increasing competition among service providers.

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Thanks to single market 
legislation, households and 
businesses can now choose 
their energy supplier.

The european union explained 
9

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EU single market directives 
establish EU-wide product 
safety and environmental 
requirements.

Studying and working abroad

Today, most educational diplomas and professional 
qualifications gained in one EU country are recognised 
in others, while EU programmes such as Erasmus and 
Leonardo enable hundreds of thousands of Europeans 
to study or train abroad every year. Besides offering 
personal benefits to individuals, these initiatives 
also boost the European economy. According to a 
Eurobarometer survey 56 % of citizens see the free 
movement of people as the most positive outcome of 
European integration. The majority also thinks that it 
benefits the economy. 

Benefits for european companies

Every company in the EU has access to 28 national 
markets and 500 million potential customers. This 
allows larger businesses to benefit from economies 
of scale, while allowing small and medium-sized 
companies to tap into new markets. These 
entrepreneurial companies are particularly important to 
the European economy, creating 85 % of all new jobs in 
the EU. They are also among the EU’s most innovative 
companies, key to coming out of the crisis. The 
advantages of the single market also help companies to 
compete in countries outside the EU.

There are a number of ways in which the EU’s single 
market policy makes it easier to do business in Europe. 
One of these is through mutual recognition, which 
ensures that national technical rules do not stand 
in the way of the free trade of goods within the EU. 
Subsequently, a product lawfully produced or marketed 
in one member country may be sold in any other 

member country. It is estimated that single market laws 
have cut the administrative burden for EU companies by 
25 % since 2007.

Sustainable and safe industry

Beyond the free circulation of goods, single market 
directives have also set EU-wide safety and 
environmental requirements for products across several 
categories. These laws not only enable products to 
circulate freely throughout the EU, but they have also 
led to huge benefits for European citizens. Products 
have become much safer. When consumers see a 
product with the ‘CE’ label or marking, this means 
that the manufacturer guarantees that it has met all 
applicable directives and that the product can be sold 
throughout the EU. This is good for businesses wishing 
to sell across borders as well as for shoppers, who can 
rest assured knowing that what they are purchasing is 
safe and up to standard.

protecting innovation

To create a genuine single market, restrictions on the 
freedom of movement and anticompetitive practices 
must be eliminated or reduced as much as possible, 
while creating an environment that fosters innovation 
and investment. Within this context, the protection of 
intellectual property is key to the success of the single 
market. To make it easier and cheaper for businesses 
operating in more than one EU member country, the 
Community trademark was established in 1993. In 
practice, this means that businesses pay less to register 

Internal market 
10

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Restoring confidence in the financial system is one of the 
driving forces behind the planned banking union, with a single 
rulebook for euro-area banks.

Much has been achieved already. As of 1 January 2014, 
all banks in the euro area will be required to hold more 
and better capital, as defined in a revision to the EU’s 
capital requirements directive. The new framework will 
make EU banks more solid and will improve their ability 
to adequately manage the risks linked to their activities 
and absorb any losses they might incur. The package 
also imposes new limits on executives’ bonuses.

Other initiatives include new technical standards for 
derivatives traded outside of regulated exchanges, 
as laid out in the European markets infrastructure 
regulation, which entered into force in August 2013. 
There are also plans to expand the rules for investment 
services such as brokerage and portfolio management, 
and greater consumer protection through improved 
accessibility and transparency of bank accounts.

Regulation demands proper supervision at European 
level to deal with cross-border risks and issues. This 
was the motivation behind the creation of three 
Europe-wide bodies operational since 2011. They are 
the European Banking Authority, the European Securities 
and Markets Authority and the European Insurance and 
Occupational Pensions Authority. A European Systemic 
Risk Board was also established to identify the type of 
risk that can spread to the whole financial sector and 
ensure they do not endanger financial stability.

a trademark, with those filing their applications via the 
Internet able to save even more.

Companies will also soon be able to apply for a single 
patent for an invention, which will be valid in 25 EU 
Member States, instead of filing separate patent 
applications for each country. This will slash costs and 
red tape for businesses, especially smaller firms.

Financial services: better regulation  
and supervision

The financial crisis highlighted the need for better 
regulation, transparency and supervision of all financial 
actors, products and markets across the EU. Banks 
are increasingly doing business across borders, in line 
with the objectives of the single market and the free 
movement of capital. While this makes banks more 
efficient, regulation and supervision are still done 
largely at national level.

Downloading data when abroad
(per MB)

Calling from abroad (per minute)

Sending an SMS when abroad

Cheaper MoBIle aBroad

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2007 

2010 

2014

Eurotariff is the maximum price allowed under EU law. It was first 
introduced in 2009, for data download in 2012.

The EU has achieved price reductions for roaming of over 
80 % since 2007.

The european union explained 
 
 
 
 
 
11

requiring cash-strapped lenders to go to their own 
investors first for support before requesting  
government aid.

A new European fund financed by the banking sector 
itself will, according to these plans, be set up in order 
to help restructure failing banks. Where funds from the 
bank’s shareholders and creditors are insufficient, and if 
the new fund has not yet built up sufficient resources, a 
bank can exceptionally be directly recapitalised — that 
is, offered new capital as one element in rescue plans 
for banks that would otherwise go bankrupt. This can 
happen through the permanent European firewall 
known as the ‘European stability mechanism’ instead of 
going through national governments.

Establishing a safe, responsible, consumer-friendly and 
growth-enhancing financial sector in Europe will remain 
a priority, with several key proposals in the near-term 
pipeline. These include revised rules for occupational 
pension funds, a structural reform of banks and revised 
rules for innovative payment services including cards, 
Internet and mobile payments.

Although many details of the reforms still need to be 
refined, the will is definitely there among European 
leaders to usher in a new era of robust economic 
growth anchored by a strong and reliable financial 
sector.

restoring confidence in banks

The euro-area debt crisis has highlighted the need for 
deeper reforms to break the vicious circle between 
banks and the treasuries of national governments. If 
a country accumulates too much public debt and its 
creditworthiness suffers, this drags down banks, which 
tend to be the largest holders of government debt. 
Inversely, if banks are doing poorly, the government 
may be forced to step in and spend money to save 
them.

To sever that link and to restore public confidence in 
banks, common rules are not enough. In particular for 
countries sharing a single currency, a deeper and more 
integrated approach to financial supervision is needed. 
This is why EU leaders committed to a ‘banking union’ 
in June 2012, with a single rulebook for all banks in the 
euro area. The vision was further elaborated upon in 
the Commission’s blueprint for economic and monetary 
union in November 2012.

Beginning in late 2014, all euro-area banks and other 
lenders will be supervised by the European Central Bank 
under the so-called ‘single supervisory mechanism’. 
EU countries outside the single currency area can also 
choose to join.

The mechanism is to be complemented by a ‘single 
resolution mechanism’ for dealing with winding down 
failed financial institutions at minimal cost to taxpayers 
and the real economy, as laid out in a proposal from 
the Commission from July 2013. Since August 2013, 
tougher EU state aid rules have also been in place, 

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Stable banks are important 
for citizens — particularly 
when buying a new home.

Internal market 
 
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What’s next?

Despite all that has been achieved so far, there are 
a still a number of gaps to be closed in the European 
single market, mainly in the areas of services and 
energy. These can only be dealt with at EU level to help 
individuals and companies make the most of the single 
market.

In the years ahead, the Commission also aims to 
contribute to the development of social enterprises 
in Europe — which serve the community’s interest in 
terms of social, societal and environmental objectives 
rather than only seeking profit — and the social 
economy at large. The EU may also have a role to 
play in encouraging crowd-sourced funding, known as 
crowdfunding, via the Internet, to help fill the financing 
gap for small firms and start-ups. In June 2013, the 
Commission organised a first workshop to explore 
various issues related to crowdfunding, and is following 
up with a study into possible policy initiatives.

Find out more

Europe needs new enterprises. 

 X For an overview of eu single market policy see the Commission’s website at:  

http://ec.europa.eu/internal_market/index_en.htm

 X For a list of public consultations: http://ec.europa.eu/yourvoice/consultations/index_en.htm
 X For information on eu legislation and proposals governing financial services and capital markets:  

http://ec.europa.eu/internal_market/top_layer/financial_capital/index_en.htm

 X For the Your europe portal for citizens and businesses: http://europa.eu/youreurope/
 X For a guide to services offered to small businesses by the enterprise europe network and success stories 

about the entrepreneurs it has helped: http://een.ec.europa.eu

 X Questions about the european union? europe direct can help: 00 800 6 7 8 9 10 11 

http://europedirect.europa.eu

ISBN 978-92-79-24613-5
doi:10.2775/80698

The european union explained