The EU Single Market in crisis: "the engine is sputtering". WIFO industrial economist Klaus Friesenbichler talked about the EU single market at "Business Europe".

Klaus Friesenbichler

WIFO researchers Klaus Friesenbichler and Agnes Kügler (back, centre) in discussion with the experts from "Business Europe". – © Business Europe

24.10.2018

The EU Single Market in crisis: "the engine is sputtering"

WIFO industrial economist Klaus Friesenbichler talked about the EU single market at "Business Europe".

During the Austrian EU Presidency, the Internal Market Policy Committee of Business Europe met in Vienna. On this occasion Klaus Friesenbichler gave a keynote speech on the topic: "Priorities for the EU Single Market – Taking stock and some discussion points".

The industrial economist first gave an overview of the evolution of European value chains and the state of Europe at different speeds. He then discussed three economic policy fields for the reform of the internal market: national reforms in the European semester, the protection of the internal market against external political influences, and European aspects of digitisation and 5G. According to Friesenbichler, until recently the EU and its internal market could be described as a convergence machine. That, accordingly to Friesenbichler, no longer holds – "the engine is sputtering".