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The future of the EU Single Market is at grave risk
The integrity of the EU, rising nationalism and protectionism, a lack of political will and muted Commission ambition are all contributing to the uncertainty of the Single Market
These are the main findings of AmChamEU’s recent event ‘The Single Market Under Threat’.
The EU’s Single Market is facing unprecedented challenges and pressures, many of which taken together can be considered an existential threat to its survival. Major issues such as possible Member State secession, rising nationalism and protectionism, a lack of political will on the part of Member State leaders and muted ambition and sense of direction from the European Commission are all contributing to the grave uncertainty around the future of the EU’s Single Market.
These were the main findings of the discussions and debate during AmChamEU’s event ‘The Single Market Under Threat’ that took place on Tuesday, 14 June.
Panellists all agreed that the EU is stronger with the UK – economically and historically. Numerous studies and forecasts have all warned that Brexit would have a negative effect on Britain’s economy, but also on that of the EU too. Ireland’s Deputy Permanent Representative to the EU Tom Hanney pointed to worrying consequences from Ireland’s national perspective: as the only member state with a land border with the UK, he saw the possible restoration of physical border controls between Ireland and the UK which would have ‘unforeseen and severe implications’ on the fragile Northern Ireland peace agreement.
Karl Cox, Chair of AmCham EU, discussed the necessity of a completed Single Market to ensure continued American investment in Europe. ‘For over fifty years AmCham EU has represented American companies invested in Europe and since the development of the Common Market in 1957, companies of American parentage have been supporters of the Single Market. However, with no traditional ‘home market’ in Europe, the existence of a single continental market is essential to the continuation of American investment in the region.’
The event also saw contributions from Eric Peeters, Vice-President, Emulsions, Blends, Powders and Foam Control Agents, Dow Corning; Kamil Pluskwa-Dąbrowski, President, Polish Consumer Federation; and Dr. Heiko Willems, Head of Department, Law, Competition and Consumer Policy, BDI, and a keynote address by Anneleen Van Bossuyt MEP (ECR, BE).
The panel discussion was moderated by George Candon, Senior Director, Strategic Communications, FTI Consulting.
View photos here.