A fully developed EU Common Market could save almost €800 billion per year – Hayes
Brian Hayes MEP today said that a fully developed EU Common Market could generate savings of almost €800 billion every year for the Member States through efficiency gains in different policy areas.
“Research published by the European Parliamentary Research Service estimates that the cumulative efficiency gains of a properly developed EU Common Market represents almost €800 billion per year – or 6 per cent of GDP – for EU Member States. These efficiency gains could be achieved if the various EU policies in the pipeline, such as the Single Digital Market and the EU-US trade agreement, were put into effect.
“To take an example, the Single Market for consumers and citizens has achieved savings of €233 billion over a 14 year period and has provided employment to 2.8 million citizens. It is estimated that completing the Single Market for consumers and citizens will generate up to €235 billion per year into the future. Additionally a complete banking union could save €35 billion per year and will also have in place provisions to prevent taxpayers from bailing out troubled banks. Completing the Internal Energy Market could save €50 billion per year.
“By breaking down barriers for the free movement of goods and services the EU is able to generate huge savings. While the EU is not perfect, it has shown that by working together through economic integration, Member States can mutually benefit. The Eurosceptic alternative is to go back to protectionist policies where it is every country for themselves. If this was the case during the financial crisis, Ireland would be in a drastically worse situation.”
“The task at hand should not be to criticise the EU at every opportunity, we should instead be looking at how the EU can work better for Ireland.”