A common competition policy works towards creating a level playing-field, and common norms and standards guarantee Europe-wide market access. Certainly, Europe’s Single Market is yet to be fully completed and a number of sectors have yet to be fully liberalised and brought into the remit of common rules. Nevertheless, the notion of a unified “European economy” has undoubtedly acquired real substance.
A functioning Economic and Monetary Union will require an increased awareness on the part of all Member States of the spillover effect of their national policies, especially their budgetary policies.