EU single market reforms to boost growth: Barnier
(BRUSSELS) - Reforms of the EU single market could spark growth of up to four percentage points, Internal Markets Commissioner Michel Barnier said Wednesday.
Outlining proposals adopted by the European Commission, Barnier said that combined, they "could generate two to four percentage points of growth" in time, an enormous achievement especially given the current economic slump.
Barnier identified four main drivers for growth -- integrated networks, cross border mobility for citizens and businesses, the digital economy and reinforcing cohesion and consumer benefits.
The EU single market had delivered major gains and Wednesday's plan, dubbed 'Single Market Act II,' would produce even more, he said.
Despite the positives, however, many member states have proved reluctant to sign up fully to single market rules, feeling that some harm national traditions or assets or open their home industries to unwanted competition.
Barnier recognised the problem but said that with member state economies slumping and hard-pressed governments facing anti-austerity protests, any proposal promising growth gains should get a hearing.
"None of these issues should run into such opposition that a member state would block them," he said.
"I spend my time searching for compromise," he said, arguing that "when a thing is necessary, its our duty to make it popular."
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