2 The European single market – a success story The single market is the economic heart of the European Union. It has created a common economic area for 440 million Europeans and 24 million enterprises. [2] It pays off to have a large domestic market where we can trade freely. It allows everyone to do what they are best at.
That could be significant, as much of the surge in wage growth a year ago may have been driven by outsized wage gains of those changing jobs and by employers raising wages to retain existing workers. Supply The wage moderation may partly reflect some improvement in labor supply.