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Single Market Strategy: a stronger internal market must remain open to global investment
The Single Market Strategy’s plan to introduce broad ‘European preference’ criteria into public procurement risks undermining the openness that has made Europe competitive and attractive to global partners. A thriving Single Market remains the number one driver of foreign investment into Europe, and the new Strategy promises a range of measures to unlock its full potential, making it simpler to do business across the EU. Tackling the ‘Terrible Ten’ market barriers and embracing digital tools, for example, are long overdue.
However, a simpler Single Market does not need to come at the expense of openness to international investment. American companies are fully integrated into Europe’s economy, employing over 4.6 million people and investing over €3.5 trillion in the region. Many build, hire and innovate in Europe for Europe. A shift toward protectionist procurement policies would discourage continued investment of this kind and undermine choice, competition and innovation for European contracting authorities. A successful Single Market is one that remains open to those who help drive its growth, wherever they come from.