Brussels, 27/03/2014 (Agence Europe) - The European Union economy could grow by €800 billion (equivalent to 6% in current EU GDP) if more action is undertaken at EU level, according to a study by the European Parliament published on Wednesday 26 March. The study (http://www.europarl.europa.eu/the-secretary-general/resource/static/files//files/mapping-the-cost-of-non-europe--march-2014-.pdf ) focused on the cumulative gains in a series of policy actions to help set priorities for how the EU should invest its money in the coming five years.
The creation of a digital single market could generate €260 billion more (in other words, more than the estimated GDP for Denmark in 2014). The gains would represent €235 billion as regards the single market for consumers and citizens, €60 billion if the transatlantic trade and investment partnership agreement (TTIP) negotiations are successful with the USA, €60 billion if the financial market reforms are completed, €50 billion if the energy markets become integrated, €35 billion under the banking union (to avoid new crises), and €31 billion by improving the coordination of fiscal policies.
The potential efficiency gains identified vary from a wider and deeper digital single market to better coordinated European and national policies for defence and development. These beneficial policies have already been advocated by the European Parliament in the current legislative period. (LC)