BENEFITS OF THE EUROPEAN MARKET IN THE INTERNATIONAL ECONOMY

Abstract

he European market represents the world’s largest economic area and stands as one of the European Union’s most significant accomplishments. It has established a zone of over 500 million people with no internal borders or regulatory barriers that could restrict the free movement of goods, services, people, and capital (European Commission, n.d.). The EU is the most deeply integrated trading bloc globally, as around two-thirds of trade conducted by its member countries takes place within the Union itself (European Commission, 2020). The EU’s gross domestic product accounts for about 22% of the global economy—second only to that of the United States—and its members benefit from a vast internal market that provides stability in times of global trade disruptions (World Bank, 2023). Within the single market, citizens enjoy the freedom to live, work, and study anywhere in the EU, while businesses can freely produce, sell, and invest across borders (European Commission). Numerous technical, legal, and administrative obstacles that once limited trade and movement among member states have been eliminated to encourage seamless interaction within the European market (European Commission, 2020). The purpose of this analysis is to examine the current condition of the EU’s free movement of goods and services and to identify the remaining untapped potential in areas such as trade, competition, and productivity-particularly those hindered by weaknesses in the enforcement of single market rules.