The EU Single Market is an area without internal frontiers in which people, goods, services and capital can move freely. When the Single Market started in 1992, it was open to 345 million people in 12 EU countries. Today it is the main economic engine of the Union and includes more than 500 million people in 28 Member States.
The Single Market provides European citizens with significant advantages such as the ability to travel freely, to establish, work and study in the EU. The European Single Market gives users a greater choice at lower prices, and provides access to over 500 million consumers for 23 million EU companies. It creates jobs and growth, and offers European citizens, companies and consumers opportunities that did not exist 20 years ago.
The development of the Single Market is a continuous process. It should respond to the ever-changing world where a new political thinking is formed by economic, social and demographic changes, challenges and constraints, new technologies, natural resource depletion and climate changes.