The strengthening of the Single European Market vs. the crisis

TytułThe strengthening of the Single European Market vs. the crisis
Publication TypeJournal Article
Year of Publication2012
AuthorsMusiałkowska, Ida, Sapała Magdalena, and Łukasz Wróblewski
JournalPoznań University of Economics Review
Słowa kluczowecompetitiveness, economic crisis, EU budget, EU institutions, EU Multiannual Financial Perspective 2007-2013, Europe2020 strategy, European integration, European Union, internal market, international economics, Multiannual Financial Framework 2014-2020, Single Market Act

The economic crisis that erupted in 2008 has significantly influenced the European Union (EU) economy and the questions about the future of the European integration process arose. The crisis effects forced the European Union institutions and its Member States to undertake significant decisions and to draw recovery plans. Apart from the initiatives aimed at the economic policy coordination and financial markets supervision, the EU proposed and introduced important initiatives for the strengthening of competitiveness of the internal market. In November 2008 the European Commission in the communication on the recovery plan proposed the ways to support the real economy and competitiveness, to boost demand and restore confidence in the European economy. Then, in the course of 2008-2011 years, a broad range of legislative and non-legislative decisions have been taken by the European Commission and European Parliament in order to minimize the crisis consequences for the internal market, including the Single Market Act and the new European strategy Europe 2020. Moreover, additional amount of money coming from the EU budget was designed for spending on i.e. energy safety, development of broad-band internet in the rural areas or enterprise help within the Cohesion Policy, and the European Investment Bank designed 15 bn euro for credits and loans for the SMEs.