Internal Assignment 1
Class: 2K - 2nd year Diploma in business
Date: 30th September 2004
Discuss the impact of the Single European Act on European Business and European Economies in General
The Single European Market has made great changes in the European business sector. The mutual recognition of standards has helped to remove barriers and maximize scale economies.
Businesses can bid for public sector contracts outside their home state and operate freely within the European Union markets. The movement of capital has increased cross-border investments. Individuals can move freely with recognition of their professional and high education qualifications. Consumers enjoy better prices as a consequence of single market liberalization.
The abolition of customs, fiscal formalities and technical barriers have created competition in community markets, this has encouraged economies growth, to investment and to employment creation.