This survey of the European Union economy reviews the EU's economic performance and discusses the main challenges, including pushing ahead with the internal market, opening up network industries to competition, removing barriers to labour mobility, making regional cohesion policy more effective, and enhancing Europe's global role. It focuses on the common and shared policies of the Union. It complements the Euro AreaSurvey, which deals with monetary and fiscal policy, and the individual country Surveys that assess national policies. While many of the necessary policy changes are firmly under national sovereignty, the EU can play an important role by providing good framework conditions and continuing to enhance the internal market.
Table of contents:
Executive Summary Assessment and Recommendations Chapter 1. Key Challenges -The Need for Reform: Europe's Below-Par Economic Performance -Making the Most of the Opportunities from Globalisation -An Agenda for Progress -Annex 1.A1. Indicators of Labour Market Flexibility Chapter 2. Ever Closer Union? Moving Forward in the Single Market -The Single Market for Services -The Single Market for Goods -Network Industries Need to be Opened Further to Competition Chapter 3. Building Competitive Financial Markets -Retail Banking Remains a Largely National Business -Corporate Finance Markets can be Expanded -Are Financial Supervision Arrangements up to the Task? -Annex 3.A1. The Commission's Agenda for Financial Services Chapter 4. The Regulatory Framework at the Community Level -Law-Making: How is it Done? -The Better Regulation Agenda: Can it Become Even Better? -Summing Up Chapter 5. Strengthening Competition Policy -Progress on Past Recommendations -State Aid Policy is Being Revamped Chapter 6. Reforming Agricultural and Trade Support -The Common Agricultural Policy -Selected Trade Policy Issues Chapter 7. Making the Most of Regional Cohesion Policy -Cross-Regional Disparities Remain Large -Policies -Rising to the Challenge of an Ambitious Objective -Conclusions Chapter 8. Removing Obstacles to Geographic Labour Mobility -Patterns of Labour Mobility in Europe -Policies -Conclusions Glossary