The Single Market: A vision for the 21st century

The Single Market project is one of the great successes of the European Union, boosting EU GDP by 223 billion euros and creating an additional 2.75 million jobs. Twenty years on from the launch of the Single Market project, the UK Government believes a new strategy is needed that reflects the challenges Europe now faces - globalisation, structural change, ageing populations and climate change.

The Government has set out its priorities for the Single Market Review in 'A Vision for the Single Market in the 21st Century'. This paper includes proposals to feed into the review of the Single Market being carried out by the European Commission, which will be published in 2007. The paper sets out the progress achieved so far in the Single Market, and the challenges and opportunities facing Europe today. It sets out key principles for a new strategy to equip the Single Market for the 21st century, and the action Europe needs to take to adopt a more flexible and outward-looking Single Market. This includes focusing on driving up competition and taking prioritised action where the potential economic benefits are greatest, and using a wider range of policy tools to achieve a well-functioning Single Market. Finally it calls for the prioritisation of further reforms in key sectors, notably the network industries, which impact on the wider economy.