10. The internal (or common, or single) market

Abstract

This chapter describes what is interchangeably called the ‘common market’, the ‘single market’, or the ‘internal market’. These terms all refer to the same concept: a geographical area made up of the territories of the Member States, wherein there are (in theory) no barriers to trade, and which operate an identical external trade policy. The chapter looks at the completion of the single market, considering the European Economic Community (EEC) Treaty. It also identifies what makes the single market unique, detailing the stages of economic integration and the key components of the EU's internal market. In light of the Withdrawal Agreement, it will be some time before the UK distances itself from the EU's internal market. The transition period created by the Withdrawal Agreement effectively results in a form of ongoing ‘EU membership’ without institutional representation. Both the positive regulations that make up the internal market and the EU's customs union rules will thus continue to apply to the UK until at least the end of 2020.