Damage at heart of Europe’s single market?

Following up on the points made in this post and this one, former EU competition commissioner Mario Monti has a comment article in today’s FT (behind the firewall unfortunately, but his point is clear from the extract):

The single market, a key pillar of the European Union since its foundation, is in danger. Several member states are reluctant to proceed further in building it; they oppose, for example, the services directive. They even try to undermine the working of those components of the single market that are already in place – and oppose foreign takeovers.

Worryingly, the epicentre of this revolt against the single market lies in countries that are at the core of the single currency. The eurozone, in order to deliver the benefits expected from the euro, needs to have more of a single market than the rest of the EU, but already it is getting less. The euro, meant to be the crowning achievement of the single market, looks increasingly like a currency in search of its market.

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About Edward Hugh

Edward 'the bonobo is a Catalan economist of British extraction. After being born, brought-up and educated in the United Kingdom, Edward subsequently settled in Barcelona where he has now lived for over 15 years. As a consequence Edward considers himself to be "Catalan by adoption". He has also to some extent been "adopted by Catalonia", since throughout the current economic crisis he has been a constant voice on TV, radio and in the press arguing in favor of the need for some kind of internal devaluation if Spain wants to stay inside the Euro. By inclination he is a macro economist, but his obsession with trying to understand the economic impact of demographic changes has often taken him far from home, off and away from the more tranquil and placid pastures of the dismal science, into the bracken and thicket of demography, anthropology, biology, sociology and systems theory. All of which has lead him to ask himself whether Thomas Wolfe was not in fact right when he asserted that the fact of the matter is "you can never go home again".

1 thought on “Damage at heart of Europe’s single market?

  1. “Damage at heart of Europe’s single market?”

    A single market isn’t created overnight.

    But in the meantime we trade very well, and we’ve had more than 50 years without wars, which must be some kind of record.

    Not bad for Europe.

    Other geographical areas may dream of our “failures” .

    Oh well…

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