Single Market Strategy success will depend on implementation
Ibec, the group that represents Irish business, welcomed the European Commission’s new strategy ‘Upgrading the Single Market’ as a positive step, but cautioned that its success depends on the delivery of concrete action by the Commission and member states.
Head of Ibec Europe Erik O’Donovan said: “A truly effective and competitive single market could add an additional €936 billion per annum to the EU economy. However, it remains incomplete in areas such as goods, services and digital.
“The single market already contributes €3.2 billion per annum to Ireland’s national income, but there remains significant untapped potential. The priority now must be to fully implement the necessary EU regulatory frameworks in services and digital. Ireland’s economy is ideally structured to take advantage of these further market opportunities as they arise.
“Completion of the single market will boost economic growth and productivity and will pave the way for increased foreign direct investment,” concluded Mr O’Donovan.