Is the EU's single market failing? Faced with growing competition from China and the US, the bloc is falling behind. The union has been relying on the single market to guarantee the free movement of goods, capital, services and people for more than 30 years. But inertia is creeping in, and it’s time for a new single market, says our guest Enrico Letta, a former prime minister of Italy, president of the Jacques Delors institute and author of a high-level report on the single market's future. He has just presented the report to EU leaders, after hundreds of meetings in dozens of European cities, in which Letta tried to gauge where the market is delivering for people – and where it isn't.
Letta argues that too many people are not benefiting from the single market, which is "perceived as a great opportunity for big companies but less of an opportunity for small and medium-sized enterprises (SMEs). That's why I put in the report many ideas to help SMEs. The most important of those is a simplification, to avoid having to change legal regime between different countries."
