What is the single market for goods?
A single market is a type of trade bloc in which most trade barriers have been removed (for goods) with some common policies on product regulation, and freedom of movement of the factors of production (capital and labour) and of enterprise and services.
What is the rule of mutual recognition?
Mutual recognition is the principle of EU law under which goods that are legally sold in one EEA country can be marketed and sold in any other. For the exporter, this means that a product legally on sale in one country should not have to meet a second set of requirements in the country to which they are exporting.
What is EU Harmonisation?
Harmonisation, also known as standardisation or approximation, refers to the determination of EU-wide legally binding standards to be met in all Member States. The creation of an internal market, which has been one of the main objectives of the EU, requires the harmonisation of some rules concerning inter-State trade.
Why is the single market good?
The advantages of single market membership Lower production costs as a result of scale economies. Lower prices as a result of lower costs and increased competition. Common production standards, which reduces information failure allowing consumers to make more rational choices.
What is the biggest single market?
The European Union
The European Union is one of the most outward-oriented economies in the world. It is also the world’s largest single market area.
What are the benefits of the single market?
The benefits of the single market for goods
- a ‘home market’ of over 450 million consumers for their products.
- easier access to a wide range of suppliers and consumers.
- lower unit costs.
- greater commercial opportunities.
What is mutual recognition in procurement?
The mutual recognition principle ensures market access for goods that are not, or are only partly subject to EU harmonisation legislation. It guarantees that any good lawfully sold in one EU country can be sold in another.
What is mutual recognition in real estate?
Real estate license reciprocity, sometimes known as ‘mutual recognition’ is an agreement between states that allows you to get a license in another state in most cases simply by taking the reciprocal state’s exam.
What is a minimum Harmonisation directive?
Minimum harmonisation is a term used in European Union law. If a piece of law (usually a directive but occasionally a regulation) is described as minimum harmonisation, it sets a threshold that national legislation must meet but may exceed the terms of the legislation.
What is maximum and minimum Harmonisation?
Maximum harmonisation is better suited to impose common standards as the foundation of the internal market. It promotes uniformity and centralisation. Minimum harmonisation is better suited to promote regulatory diversity and to protect local autonomy.
How important is the single market in promoting competitiveness and growth?
The most important way to promote growth and wellbeing is to increase the effectiveness of the single market. The single market boosts the competitiveness of European businesses, creates jobs and enhances people’s wellbeing. A comprehensive approach is the best way to ensure we get the most out of the single market.
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