Single Market

The concept of a single integrated market that underlies trading in the European Union, as codified in the Single European Act (1986), which was introduced in 1987 with a target date of 31 December 1992 for completion. The Single Market came into force on 1 January 1993 with between 90% and 95% of the necessary legislation enacted by all member countries. In practice, however, some of its terms have taken considerably longer to implement. The measures covered by the legislation include:

• the elimination of frontier controls (the full measures have been repeatedly delayed);

• the acceptance throughout the market of professional qualifications;

• the acceptance of national standards for product harmonization;

• open tendering for public supply contracts;

• the free movement of capital between states;

• a reduction of state aid for certain industries;

• the harmonization of VAT and excise duties throughout the market.