A powerful and prosperous Single Market that thrives on fair competition is key to meeting challenges and revitalising the EU’s economic strategy.
The Single Market has transformed the economic opportunities for open economies such as Ireland, substantially removing barriers to the free movement of goods, services, labour and capital in a market of over 450 million consumers and 23 million businesses. More than 30 years since its inception, in key areas such as capital the Single Market remains an ideal. Now, it also operates in a radically different global context to its origins as business investment elsewhere is increasingly attracted by government supports. As the EU and its Member States move to counter the impact of government supports in markets outside the EU, there will be knock-on effects to the coherence of the Single Market.
A powerful and prosperous Single Market that thrives on fair competition is key to meeting these challenges and revitalising the EU’s economic strategy. Ireland’s voice must be heard, via the Council and our elected MEPs, in ensuring a level playing field for all Member States is a focal point in the next mandate. Carefully designed State Aid rules are needed along with robust fiscal capacity to support the twin green and digital transition including through instruments like IPCEIs, key cross-border infrastructure Projects of Common Interest and Projects of Mutual Interest (PCIs, PMIs) and the NZIA. This should account for intensifying global competition for investment, while ensuring a level playing field for businesses across all Member States including by balancing areas that are strategically important for the EU as well as individual Member States. For Ireland, there are several opportunities in the stated intentions in the Commission’s Political Guidelines for targeted measures for strategic sectors such as energy as well as via the new Critical Medicines Act, the new Chemicals Industry Package, and the Vision for Agriculture and Food, among others.
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