While trade channels take some time to show a tangible impact of global shocks, it is the financial and confidence channels that quickly transmit the global shocks as was evident in the case of India during the taper tantrum period in mid-2013.
With the establishment of the Single Market, in particular, the pace and reach of integration accelerated markedly. This was of course its purpose – and it remains the most significant and successful achievement of the European Union. But a free market does not only assume the freedom to take part.