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The enactment of the Single European Act led to the formation of the Single Market that began its operation way back in 1993. This market came in place not only to eradicate economic trade barriers that existed in the European Market but to diffuse the political boundaries that were there. This would therefore mean that people, goods and capital would move from one nation to another without any barrier whatsoever. Therefore, the European politicians time and again campaigned for a complete removal of these barriers and championed for the success of the new system as they obtained support from the business community from every part of Europe (Armstrong and Bulmer 13).
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There are various advantages that are associated with a Single Market that propelled Europe to come such an agreement. To begin with, the European community expected that with the introduction of a single market, there would be an increase in the amount of goods that moved freely through the now porous borders of different countries without any restriction. Therefore, a person setting up his business in any country that subscribed to this market would be able to see the movement of his goods from one country to another with a lot of ease that had never been experienced before this enacting of policies that led to the formation of such a market.
On the other hand, since there were reduced restrictions, it was easier for the person who was beginning his business in these countries to easily obtain raw materials that were needed because of the free movement of goods. This factor contributed to the enhancement of efficiency in the modes of doing business in any of these countries. Alternatively, it was found out that since there was free movement of goods, there was an increased market for the goods and services that were offered by a particular business. As the efficiency of businesses was enhanced, there was also an increased supply of capital, especially the human capital that is necessary for the success of any business.
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The Single European Market has been in operation since January 1993. This market began its operations in 1993 after it was guaranteed that every nation that was involved had been able to satisfy the requirement that were stipulated in the Single European Act. According to Cechini report (1992), the coming together of the European markets were going to enable an increase in the total output of products and services that were offered on these markets. For example, since it was easier o obtain raw materials from other parts of Europe, industries were better placed in their work much than the way they were before. On the other hand, there was going to be increase supply of labour and teechnology know-how, with many companies and industries having the ability to access different types of technology that could not be accessed before the formation of this market (Harryvan and Harst 232).
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Therefore, though the market was not perfect at the time of its inception in 1993, there have been tremendous improvement that have been done to this market to transform it into a market that is more defined and perfected than the way it was before. However, despite the Single European Market running from 1993, there are various issues that are yet to be tackled by the member countries. One of these issues is the disagreement over some factors that were considered of utmost importance to member countries. One of these is the inclusion of the energy sector in the Single Market Act. France, having a vested interest has declined on various occasions to allow for the inclusion of energy in the Single European Act. There are also other issues that are yet to be tackled because they have either been ignored by the member states or these nations have declined to discuss them because of the controversies that they carry with them. However, this has not deterred the growth of this market and there are more members that have joined to form a bigger business community in Europe and to serve as a model for other parts of the world (Armstrong and Bulmer 199).
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