Upgrading the Single Market

On 28 October the European Commission published a new Single Market Strategy aimed at creating a deeper and fairer Single Market. The Single Market is one of the EU’s greatest achievements.

However there remain gaps in its implementation and the Single Market needs to evolve and adapt to innovative ideas and business models. Therefore the European Commission has decided to give the Single Market a new boost with a number of actions focused on three main areas:
- creating additional opportunities for consumers, professionals and businesses;
- encouraging the modernization and innovation that Europe needs;
- ensuring practical benefits for people in their daily lives.

The new strategy focuses on services and products markets. In particular the European Commission has announced that it will publish guidance on reform needs for Member States in the regulation of professions and an analytical framework for Member States to use when reviewing existing or proposing additional regulation of professions. It has also announced that it will introduce a services passport and support Member States in their efforts to modernise regulated professions. It will propose legislative action to address regulatory barriers, such as diverging legal form and shareholding requirements, as well as multidisciplinary restrictions for key business services and construction services.

In 2016 the European Commission will publish a European agenda for the collaborative economy, including guidance on how EU law applies to collaborative economy business models and an assessment of possible regulatory gaps. The collaborative economy is based on innovative business models that help consumers and businesses to match their needs with new offers of goods and services. The European Commission also aims to provide help to SMEs and start-up businesses by improving access to finance, tackling the complexity of VAT regulation and aspects of company law including business insolvency.

Further information is available here.