Economic and social progress and constant improvements in living and working conditions are fundamental objectives for the EU. Over the last five decades policy makers have strived to improve economic integration (through removing barriers to the free movement of goods, services, money and people) with the goal of creating more jobs and economic growth. Much has been achieved: such as the customs union, then the single market and, more recently, Economic and monetary union (EMU).
The chief objective of the Single European Act was to add new momentum to the process of the European construction so as to complete the internal market. Since 1993 the European single market has strongly enhanced the possibilities for people, goods, services and money to move around Europe as freely as within a single country. These freedoms, foreseen from the outset of the EC in the Treaty establishing the European Economic Community of 1957 have been designed: to allow individuals the right to live, work, study or retire in another Member State; to increase competition leading to lower prices, a wider choice of things to buy and higher levels of protection for consumers; and to make it easier and cheaper for businesses to interact across borders.
It is now easier to travel across the EU’s internal frontiers, in particular within the Schengen area, or to order a wide range of products that may be delivered from all over the EU. According to a European Commission policy overview, the single market has created 2.5 million new jobs since 1993 and generated more than EUR 800 000 million in extra wealth, through abolishing tariffs and quotas, as well as technical and administrative obstacles to free trade. The creation of the single market increased incentives to liberalise previously protected monopoly markets for utilities such as telecommunications, electricity, gas and water. As a result, many households and industries across Europe are increasingly able to choose who supplies them with related services. Nevertheless, there remain areas, for example in relation to financial services and transportation, where separate national markets still exist.
The Council and Parliament of the EU adopted in 2005 the ’Integrated Guidelines Package’ which is a roadmap for spurring growth and creating jobs in a socially cohesive and environmentally responsible EU for the period 2005 to 2008. This package represents a comprehensive strategy of macro-economic, microeconomic and employment policies. Under the package, Member States draw up national reform programmes, using the tax and social welfare policy mix they think best suits national circumstances.
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