| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | (L) 2024/2747 |
| Publication Date | 08/11/2024 |
| Content Type | Legislation, News, Policy-making |
Summary:Regulation (EU) 2024/2747 - adopted by the co-legislators on 9 October 2024 - establishing a framework of measures related to an internal market emergency and to the resilience of the internal markets. It introduces amendments to Council Regulation (EC) No 2679/98. This Regulation also known as the Internal Market Emergency and Resilience Act (IMERA) and the framework was initially denominated Single Market Emergency Instrument (SMEI). This is a text with EEA relevance. Further information:Crises such as the COVID-19 (coronavirus) pandemic and Russia's invasion of Ukraine demonstrated vulnerabilities within the European Union's Single Market and its supply chains in case of unforeseen disruptions and, at the same time, how much the European economy and its stakeholders rely on a well-functioning Single Market. Further instability and emergencies require the functioning of the Single Market to be guaranteed. This Regulation establishes a framework of harmonised measures aimed at effectively anticipating, preparing for and responding to the impact of crisis on the internal market. It seeks to address two separate but interrelated problems: obstacles to free movement of goods, services and persons in times of crisis and shortages of crisis-relevant goods and services. The toolbox aims to ensure the smooth functioning of the Single Market in any type of future crisis. It also introduces amendments to Council Regulation (EC) No 2679/98. The European Council in October 2020 urged the European Union (EU) to draw lessons from the pandemic and address remaining fragmentation, barriers and weaknesses of the Single Market in facing emergency situations. The European Commission announced in its update of the Industrial Strategy an instrument to ensure the free movement of persons, goods and services, as well as greater transparency and coordination in times of crisis. The draft law was adopted by the European Commission on 19 September 2022, and it had already been part of its Work Programme for 2022. The Council of the European Union adopted its general approach to the proposal on 7 June 2023. The plenary of the European Parliament endorsed a negotiating position on 13 September. An informal agreement between the co-legislators on a compromise text for this file on 1 February 2024. This was formally endorsed by Parliament on 24 April and by the Council on 26 September. The Act was signed by the co-legislators on 9 October 2024 and published in the Official Journal on 8 November 2024. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/reg/2024/2747/oj |
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| Subject Categories | Internal Markets |
| Subject Tags | Risk | Crisis Management, Single Market |
| International Organisations | European Union [EU] |
