The EU is the second largest global economy, but old and new regulatory and non-regulatory barriers still obstacle its growth potential and resilience.
The European Economic and Social Committee estimates that the single market’s fragmentation holds back €500 billions of additional GDP per year, leads to higher costs for businesses, reduces competition, and decreases consumer welfare. Non-tariff barriers between member states compare to tariffs of around 44% for goods and 110% for services, so the International Monetary Fund.
