The discussions on the 2021-27 multiannual financial framework offer a vital opportunity to enhance its role in addressing Europe’s structural challenges. Second, the Single Market as an engine for convergence should be used to its fullest potential.
For consumers, the Single Market has already boosted competition in markets across the EU yielding large benefits for consumers.5 But also on the supply side, the Single Market provides large productivity dividends by encouraging the integration of European value chains into global chains. These chains have resulted in higher wages at all skill levels.