The European Union Single Market Act (SMA) was signed on 13 April, concluding a process launched in 2010 with the Monti report aimed at revitalising the European Internal Market, a vast space of free movement of goods, services, capital and people. The SMA offers a series of measures to boost the European economy and create jobs. The whole project can be said to be an implementation, on a continental scale, of the better regulation principles. Since 1992, the Single Market has brought tremendous econimic and social benefits. But making possible free movement requires deliberate action on amending national legislations and introducing simpler administrative procedures. The European market is still not fully integrated. Pieces of legislation are missing, and administrative obstacles and deficient enforcement leave the full potential of the Single Market unexploited. The SMA, which is based on 12 projects to "relaunch the Single Market", is supposed to open the doors to new, greener and more inclusive growth. The twelve instruments of growth, competitiveness and social progress range from worker mobility to SME finance and consumer protection, via digital content, taxation and trans-European networks. Their aim is to make life easier for everyone on the Single Market: businesses, citizens, consumers and workers (see IP/10/1390, EC press report.)
Improving the regulatory environment for business is specifically target as one of the 12 projects: companies are hoping that doing business in the Single Market will be made easier and that fewer resources will be lost on regulatory and administrative constraints. To promote such change, the Commission is proposing a simplification of the accounting Directives as regards financial reporting obligations, and a reduction of the administrative burden, especially for SMEs.
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