The Single European Market

2384 words 10 pages
1. The Background of the Freedoms

In order to understand the evolvement of the Single Market of the European Union, one has to take the general background into consideration. Therefore, it is important to have a look at the Treaty on European Union (Maastricht Treaty) which gave birth to the creation of the Single Market. Having been the Common Market before the Maastricht treaty, the European Economic Community (EEC) Treaty already clarified the objective of cooperation between member states. Throughout the Single Market, those objectives should be transformed into reality.

By the signing of the Treaty on European Union (TEU, formal for Maastricht Treaty) in 1992 and its entering into force in November 1993, the European Union was
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The Freedom of establishment shall include the right to take up and pursue activities as self-employed persons and to set up and manage undertakings, in particular companies or firms within the meaning of the second paragraph of Article 48, under which the conditions are laid down for its own nationals by the law of the country where such establishment is effected, subject to the provisions of the chapter relating to the capital. The provisions shall not apply, so far as any Member State is concerned, to activities in which the States are involved.

2.5 Free Movement of Capital

The last kind of freedom applies to the free movement of capital and means that all restrictions on the movement of capital between Member States or between Member States and third countries shall be prohibited (Article 56). Additionally, Article 59 declares where, in exceptional circumstances, movements of capital to or from third countries cause, or threaten to cause, serious difficulties for the operation of economic and monetary union, the Council, acting by a qualified majority on a proposal from the Commission and after consulting the European Central Bank (ECB), may take safeguard measures with regard to third countries for a period not exceeding six months if such measures are strictly necessary. Especially the monetary union has eased


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