This Draghi piece is a quiet indictment on the
@EUCommission's failure on its core Treaty mandate: "establishing the internal market" & ensuring "free movement of goods, persons, services and capital."
His facts are devastating. A thread summarizing them and drawing some consequences.
1/
@EUCommission's failure on its core Treaty mandate: "establishing the internal market" & ensuring "free movement of goods, persons, services and capital."
His facts are devastating. A thread summarizing them and drawing some consequences.
1/
Comments
IMF shows that EU internal barriers are equivalent to:
- A 45% tariff on manufacturing,
- A 110% on services.
As services become more important in the economy, barriers on service trade create an even bigger drag on growth.
2/
https://www.ft.com/content/13a830ce-071a-477f-864c-e499ce9e6065
4/
The results are devastating, as the next tweets show.
5/
The result in quantities is stunning:
EU internal and external services trade are roughly equal as % of GDP - unthinkable in a properly functioning single market.
Internal barriers are pushing activity outward.
6/
EU trades more with the rest of the world, less with itself.
1) Trade between EU countries is less than half the level between US states.
2) Since 1999, as % of GDP:
Eurozone trade has grown 31% → 55%
China trade: 34% → 37%
US trade: 23% → 25%
7/
Services are 70% of our economy, little has been done. Mr. Breton Single Market effort was lackadaisical at best. I hope better of S. Sejourné
8/8
https://www.siliconrepublic.com/comms/fair-share-initiative-regulation-eu-telecoms-internet-traffic-network-infrastructure
Network Operators’ Association. Do you reckon this is industry lobbying?
https://connecteurope.org/sites/default/files/2024-09/downloads/reports/etno-state%2520of%2520digital%2520communications%25202023.pdf