The full realisation of Europe’s social and economic potential has been deeply impaired by the financial crisis and a loss of global competitiveness. Growth has been unacceptably slow and unemployment, particularly of the young, is a major social issue throughout much of the EU.
Returning to long-term economic growth is essential to the EU’s ability to deliver on the promise of peace and prosperity. The twin tasks of generating robust, sustained growth and creating jobs represent the most important challenges facing Europe as the new Commission and Parliament begin their work.
Reform is vital if the EU is to be successful in meeting these challenges and securing future economic prosperity for all its people. TheCityUK has undertaken three major pieces of research which have shown strong support from business for the UK to remain in a reformed EU based on a broader and deeper Single Market. The free movement of goods, capital, services and people is at the heart of the European Union’s ambitions for a fully functioning Single Market. Significant enhancement of the Single Market is the only way for Europe to make major progress towards improving its competitiveness in world markets.
This paper sets out an agenda for the key reforms we believe are needed to achieve this.