Disadvantages Of Single Market
The Single Market
The creation of a single market has been at the foundation of European integration from the EU’s first iteration as the European Economic Community (EEC). This is evident from the wording used in the inclusion of the single market in Article 2 of the Treaty of Rome (1957) which states that:
The Community shall have as its task, by establishing a common market and progressively approximating the economic policies of Member States, to promote throughout the Community a harmonious development of economic activities, a continuous and balanced expansion, an increase in stability, an accelerated raising of the standard of living and closer relations between the States belonging to it.
The benefits to the EU GDP of having a single market had already been espoused in ex ante evaluations, such as those by Cechini et al’s study., in which it was predicted that the single Market would lead to a 4.25% - 6.50% static increase in GDP , and Baldwin’s study, which building upon the aforementioned study predicted an 0.2% - 0.9% increase in EC long-term growth. Similar positive claims are made in Ex post evaluation reports such as those by the European commission, which showed that EU GDP growth was 1.1% -1.4% higher in 1994 than it would be without the SMP , Ilzkovitz et al, who estimated that the SMP led to gains of 2.2% of the EU GDP in 2006 , and more recently Campos et al, who using synthetic counterfactual models estimated that the EU GDP per capita would on
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