Single European Act Flashcards, test questions and answers
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What is Single European Act?
The Single European Act (SEA) was an international agreement signed on February 17, 1986 by the member states of the European Economic Community. It marked a major milestone in the process of European integration and was the first major revision to the original Treaty of Rome. The SEA sought to eliminate trade barriers within Europe and create a single market for goods, services, capital, and labor. Additionally, it established a number of common policies across member states including environmental protection, consumer protection, research & development, and competition policy. The SEA was designed to bring about economic integration in Europe by creating a single market for goods and services which would allow for free movement of people throughout the region. This aimed to improve efficiency in production as companies could source goods from other countries without paying tariffs or suffering from transportation delays. Furthermore, it allowed businesses to operate more cost-effectively by making sure that all goods were subject to uniform standards set out by EU law. In addition to eliminating trade barriers between nations within Europe, the SEA also established common policies across member states including environmental protection regulations; consumer protection laws; research & development funding; and competition policy rules that prohibited price fixing or cartels amongst companies operating within the European Union (EU). These policies were intended to ensure fair competition between companies operating in different countries as well as prevent any country from having an unfair advantage over others due to lax regulations or lack of enforcement measures. Overall, while there have been some criticisms leveled at aspects of its implementation since then – particularly with regards to its impact on small businesses – it is widely accepted that without such legislative framework Western Europe would not have seen such rapid economic growth over recent decades. In this sense then it can be argued that The Single European Act has provided an important foundation upon which further economic integration has been built upon since its introduction in 1986.