The economic crisis of 2008 revealed that many EU member states struggled with the problem of the lack of economic balance resulting from low macroeconomic stability, incompetent and unreasonable fiscal policy and too close relations between real economy and financial market. Moreover, an analysis of the previous functioning of the European Single Market (ESM) shows that its problems stem from the lack of adjustment to the current socio-economic reality. At the same time, these problems coincided with the 20th anniversary of its creation and the exposure of the most serious problems of the European economy by the financial and fiscal crisis. Taking action aimed at strengthening the internal market will not only help counteract the effects of the crisis, but also increase the competitiveness of the European economy. The European Union should realize that it is no longer the most competitive economy in the world.