European Single Market: Evolution and Modern Challenges

ABSTRACT

This paper draws on the methods of analysis and synthesis to study the regulatory framework governing the modern operating mechanism of the EU single market. Statistical analysis made it possible to reflect the market dynamics with reference to the pre- and post-COVID crisis periods. Consolidation was applied to merge data on the trade of goods and services – the key elements of the EU Member States' trade indicators. Finally, the method of comparative analysis was employed to compare the single market environment of the EU with markets of other countries. The functioning of the single market depends on shared responsibility between the EU's centralized management and the many policies of its Member States. There are barriers within the single market system that limit the free movement of goods, services, people and capital and lead to an imbalance. These are sanitary and phytosanitary standards, tariff measures, and technical and quantitative barriers. © 2022 University Association for Contemporary European Studies and John Wiley & Sons Ltd.