2016年-CEPS欧洲政策研究中心_Thirty_Years_of_the_Single_European_Market_36页_1mb

30 Years of the Single European Market: A Summary

Core Content

The Single European Market (SEM), established in 1985, has been a central pillar of the European Union's economic integration strategy over the past three decades. It aimed to create an area without frontiers by ensuring the free movement of goods, services, capital, and persons, while also addressing 'technical' barriers to trade and promoting economic growth and productivity. Despite significant legislative progress, empirical evidence suggests that market integration has stagnated, and the anticipated economic benefits have not been fully realized, especially in the original EU-15 member states. The introduction of the euro in 1999 did not lead to a notable improvement in this regard.

Main Developments

1. Legislative and Regulatory Evolution

• The SEM was formally launched in 1985 with the Commission White Paper, which emphasized the importance of mutual recognition of national rules and the use of equivalent protection as a basis for market opening.
• The Single European Act (SEA), signed in 1986, provided a new legal basis for SEM legislation, introducing qualified majority voting (QMV) and co-decision procedures with the European Parliament.
• The New Approach to SEM legislation focused on setting essential requirements for protection, while allowing voluntary technical standards developed by European standardization bodies.

2. Key Legal Foundations

• The Cassis de Dijon decision (1979) established the principle of mutual recognition of national rules, which was a cornerstone of SEM development.
• The Dassonville case (1974) defined measures having an equivalent effect to quantitative restrictions, laying the groundwork for market access principles.
• The Amsterdam Treaty (1997) introduced Article 14 TFEU, reinforcing the role of services of general interest (SGI) and ensuring their pro-competitive regulation.

3. Economic Impact

• The economic rationale behind the SEM was based on the belief that market opening would foster concentration, economies of scale, and efficient resource allocation, leading to productivity gains.
• The Cecchini Report (1988) predicted substantial economic benefits, estimating them to be between 4.25% and 6.5% of GDP.
• However, the actual impact has been mixed, with growth and productivity in many euro area members not meeting expectations, and market integration remaining stagnant.

Key Areas of Integration

(a) Goods

• Mutual recognition of national rules was established through the Cassis de Dijon decision.
• Harmonisation of essential requirements for safety, health, and consumer protection was introduced under the Single European Act.
• Optional technical standards were allowed to complement harmonised requirements.

(b) Services

• Market access became a key principle, especially for services of general interest.
• The Services Directive (2006) aimed to liberalise the establishment and cross-border supply of services.
• Pro-competitive regulation was introduced in network industries, such as telecoms, energy, transport, and postal services.
• Mutual recognition of professional qualifications was promoted, leading to the EU professional card.

(c) Agencies and Regulatory Networks

• The European Court of Justice (ECJ) played a central role in interpreting SEM legislation and ensuring the supremacy of EU law over national legislation.
• Regulatory agencies such as BEREC, ACER, and EFTA were established to support the harmonisation and supervision of SEM-related regulations.

(d) Public Services

• The Amsterdam Treaty and Protocol 26 reaffirmed the special role of public services, ensuring national autonomy in their organisation and delivery.
• Universal service obligations were introduced in some network industries to ensure accessibility and fairness.

(e) Establishment and Company Mobility

• The European Company Statute (2001) aimed to improve company mobility and cross-border governance.
• The 'real seat' approach was initially adopted but was later challenged by the ECJ.

(f) Posting of Workers

• The posting of workers was a contentious issue, with the ECJ decisions such as Laval influencing worker mobility and social rights.
• The Services Directive (2006) attempted to address these issues, but implementation has been inconsistent.

Financial Services and the Banking Union

• A decade-long initiative focused on integrating financial markets and creating a supranational regulatory framework.
• The Lamfalussy Report (2000) and De Larosière Report (2009) laid the foundation for Financial Services Action Plan and Capital Markets Union.
• The Banking Union was established with the Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM).
• MiFID II and MiFIR were introduced to harmonise investment services and market infrastructure.

Digital Economy and New Challenges

• The Digital Single Market Strategy (2015) aimed to enhance ICT integration and online market access.
• Legislative proposals included consumer protection, data privacy, e-commerce, and electronic identification.
• The General Data Protection Regulation (GDPR) and e-Privacy Directive were key elements in protecting digital rights and data security.

Conclusion

The Single European Market has significantly advanced economic integration in the EU, but empirical results have not fully matched initial expectations. The regulatory model based on mutual recognition and harmonisation has been innovative and flexible, allowing for national diversity while promoting market openness. However, implementation challenges, resistance to integration, and new economic realities such as globalisation and digital transformation have complicated the realisation of the SEM's economic potential. The ongoing need for legislative adaptation and policy review highlights the dynamic nature of the SEM and the complex interplay between national interests and EU-wide integration.