Success of the EU single market

The European Union (EU) created a single market in the 1950s to revive the ravaged European economy after World War II. The cooperation between Belgium, France, Luxembourg, Germany, Italy, and the Netherlands laid the foundation for a free economy. This single market allows countries to trade freely with each other and use the euro as their common currency. The EU now ranks as the third-largest global economy, worth $16 trillion, with free movement of goods, services, and money. The single market benefits from increased choice, competition, and a streamlined regulatory environment for countries outside the EU.