single European market

Single market within the European Union. Established under the Single European Act, it was the core of the process of European economic integration, involving the removal of obstacles to the free movement of goods, services, people, and capital between member states of the EU. It covers, among other benefits, the elimination of customs barriers, the liberalization of capital movements, the opening of public procurement markets, and the mutual recognition of professional qualifications. It came into effect on 1 January 1993.