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Priorities for completing the European Union's Single Market

Author

Listed:
  • Jan Stráský

    (OECD)

Abstract
The EU Single Market remains far from completed: progress in goods and services market integration has stalled, financial markets are still fragmented along national lines and the barriers to labour mobility remain high. Restrictive regulation within countries and regulatory heterogeneity across them hamper the internal market, reducing trade and investment flows. Network sectors, such as energy and transportation, are insufficiently interconnected and open to competition, and inefficient as a result. Reinvigorating the single market is one of the key tools to strengthen the recovery of the European Union and restore faster growth of income per capita. To support the recovery, structural reforms that yield short-run as well as long-run gains should be prioritised. Policies enhancing labour and capital mobility are especially relevant, as they provide channels of adjustment to country-specific shocks and reinforce the effectiveness of stabilisation policies. Policies enhancing capital mobility include improved securitisation, better collection and sharing of credit information regarding smaller firms and the convergence of insolvency regimes. Labour mobility within the European Union would profit from reduced administrative and regulatory burden, such as faster recognition of professional qualifications and better portability of social and pension rights. Product markets reforms also have the potential to deliver benefits swiftly, not least by unlocking investment. Regulatory burdens could be alleviated by better impact assessment for legislative proposals and ex post evaluation of policies. Product market reforms in network sectors should include harmonisation of regulations and technical specifications, with the target of establishing single EU regulators. This Working Paper relates to the 2016 OECD Economic Survey of the European Union (www.oecd.org/eco/surveys/economic-survey-european-union-and-euro-area.htm) Priorités pour l'achèvement du marché unique dans l'Union Européenne Le marché unique de l’UE est encore loin d’être achevé : les progrès en matière d’intégration des marchés de produits et services marquent le pas, les marchés financiers demeurent fragmentés par pays et les obstacles à la mobilité de la main-d’oeuvre restent nombreux. La réglementation restrictive dans les pays et l’hétérogénéité des réglementations entre eux entravent le marché intérieur, ce qui provoque une réduction des courants d’échanges et des flux d’investissement. Les industries de réseau, comme l’énergie et les transports par exemple, ne sont pas suffisamment interdépendantes et ouvertes à la concurrence, d’où leur inefficience. La redynamisation du marché unique est l’un des principaux outils pour consolider la reprise dans l'Union européenne et renouer avec une croissance plus rapide du revenu par habitant. Pour stimuler la reprise, les réformes structurelles qui sont à l’origine de progrès à court et long terme devraient avoir la priorité. Les mesures qui renforcent la mobilité de la main-d’oeuvre et des capitaux sont particulièrement importantes puisqu’elles offrent des solutions d’ajustement aux chocs propres à certains pays et améliorent l’efficacité des mesures de stabilisation. Les mesures qui renforcent la mobilité des capitaux englobent une titrisation réactivée, un recueil et un partage améliorés des données sur le crédit concernant les petites entreprises et la convergence des régimes de faillite. La mobilité de la main-d’oeuvre au sein de l’Union européenne aurait tout à gagner d’une réduction de la charge administrative et du poids de la réglementation, par exemple via une reconnaissance plus rapide des qualifications professionnelles et une meilleure transférabilité des prestations sociales et droits à pension. Les réformes des marchés de produits sont aussi susceptibles d’avoir des effets positifs rapides, notamment en facilitant l’investissement. Le poids de la réglementation pourrait être allégé grâce à une analyse d’impact de meilleure qualité pour les propositions législatives et à une évaluation ex post des mesures. Les réformes des marchés de produits dans les industries de réseau devraient inclure une harmonisation des réglementations et spécifications techniques dans le but de créer une autorité de régulation unique à l'échelle de l'UE. Ce Document de travail se rapporte à l’Étude économique de l’OCDE de l'Union Européenne (www.oecd.org/fr/eco/etudes/etude-economique-union-europeenne-et-zone-euro.htm)

Suggested Citation

  • Jan Stráský, 2016. "Priorities for completing the European Union's Single Market," OECD Economics Department Working Papers 1315, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1315-en
    DOI: 10.1787/5jlv2jhfnt48-en
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    More about this item

    Keywords

    Capital Markets Union; economic integration; EU single market; institutions financières non bancaires; intégration économique; labour migration; Marché unique européen; migration de la main-d'oeuvre; non-bank financial institutions;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • L88 - Industrial Organization - - Industry Studies: Services - - - Government Policy
    • L98 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Government Policy

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