Single markt

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Definition of single market noun from the Oxford Advanced Learner's Dictionary. Find the answers with Practical English Usage online, your indispensable guide to problems in English. Join our community to access the latest language learning and assessment tips from Oxford University Press! Find out which words work together and produce more natural sounding English with the Oxford Collocations Dictionary app.
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Single market

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European single market

Based on the four pillars of free movement, it allows goods, services, capital and people to move between member states. It also fuels growth, inspires innovation and creates jobs. The single market also makes the EU a more important trading partner, in a world where individual European nations find it difficult to compete with countries with continent-sized economies, such as the US and China. The idea behind it was that if German and French production of two such important products for wartime activities - coal and steel - were under the control of a single authority, then this would prevent further conflicts in Europe. The French government proposed the idea - one that the pro-European French statesman, Jean Monnet, had carefully crafted - and Italy, the Netherlands, West Germany, Belgium and Luxembourg all agreed to it. This initial collaboration on coal and steel was what made the EEC possible five years later.
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Nearly half a century of the UK's membership of the European Union and its predecessor organisations ended in January of course. What has now ended is the UK's economic membership of the bloc. Forty-eight years in the European customs union, basically the Common Market, and 28 years in the single market. The Single Market was a creation for which the UK has paternity rights. It was Margaret Thatcher's rallying call for European reform, her calling card to unleash a wave of Japanese investment in post-industrial Britain and shepherded into existence by her appointee as commissioner Arthur Cockfield.
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The end result would be the free movement of capital, services, technology and skilled professionals within the region. The broader goal of Caribbean economic unification would be to help member economies—many of which are small and still developing—compete with larger rivals in the global market. The Caribbean Free Trade Association formed in provided a framework for the removal of tariffs and other barriers to trade within the region. As the world grew more interconnected, many of the Caribbean's small island nations found themselves increasingly competing among themselves. By combining into a single cohesive economic unit, member countries could focus on their competitive advantages based on the resources they possess, rather than competing among themselves to be the market leader on certain products.
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