President Hoyer pushes for a stronger single market

Town Hall meeting with EIB President, the College of Staff Representatives and Personnel.

EIB President Werner Hoyer pleaded for a greater push towards completion of the European Single Market.

Delivering a keynote speech at a High Level Conference organized by the European Political Strategy Centre on The Single Market as a Driver of Investment in Europe, President Hoyer emphasized that: “Alongside the promises of peace and solidarity, the Single Market remains the biggest success of the European project. Its gradual completion has been a powerful driver of prosperity."

"It also represents one of the biggest attractions for foreign investors and a source of the EU’s (soft) power in the world, as repeatedly demonstrated in our international relations… Enlarging the size of the Single Market would help Europe fulfil its promises of inclusive growth and prosperity, by fostering cohesion and innovation in all parts of the Union.”

A growth accelerator second to none

President Hoyer rejected in his keynote concerns of observers, that the low-hanging fruits of the Single Market have already been harvested. “The completion of the Digital Single Market,” he suggested, “would, for instance, be a growth accelerator second to none – not least because of its impact on productivity growth,” as the majority of digital products and services have marginal production costs that are close to zero.

“The gains from being able to offer them in a larger market are obvious,” he added, and “the lagging efficiency of our infrastructure sectors, notably energy, transport and health could be boosted, if we removed the remaining barriers to offering digital goods and services across the entire EU.”

Other speakers at the event included Jyrki Katainen, EC Vice-President for Jobs, Growth, Investment and Competitiveness and Günther Oettinger, European Commissioner for Budget and Human Resources.

Watch President Hoyer’s keynote address