The Banking Executive Magazine - August Issue 2022

Where is The EU Standing Today? In the following sections we present a brief overview of each of the four dimensions of the proposed EU val- uation framework. DIMENSION 1. EU ECONOMY AND GROWTH SECTORS This section describes the first di- mension of the EU valuation frame- work, namely EU economy and growth sectors. EU ECONOMIC MODEL The EU economic model consists of the EU single market, consumer pro- tection, competition, taxation, cus- toms, business and industry, finance, and the Euro, EU budget and Fraud prevention. SINGLE MARKET The single market is one of the EU’s greatest achievements. It fuels growth and jobs and makes everyday life easier for people and businesses. Thanks to the single market (some- times also called the internal market) people, goods, services and money can move around the EU almost as freely as within a single country. EU citizens can study, live, shop, work and retire in any EU country, and enjoy products from all over Europe. CONSUMER PROTECTION EU consumer policy safeguards con- sumers’ rights, ensures products are safe, helps people make informed choices when they buy goods and services, and offers tools to solve problems if something goes wrong. COMPETITION EU competition rules aim to ensure that all companies compete fairly and equally in the single market to the benefit of consumers, businesses and the European economy as a whole. TAXATION While national governments are re- sponsible for setting tax rates and collecting taxes, the EU ensures that people or businesses from another Member State are not discriminated against and that taxes do not hinder the EU’s single market. CUSTOMS The EU’s customs union means that all Member States are working to- gether to ensure that goods imported into the EU circulate freely and that they are safe for people, for animals and for the environment. BUSINESS AND INDUSTRY The EU aims to make industry and business more competitive and to promote jobs and growth through a business-friendly environment. The EU’s business and industrial pol- icy is designed to improve the busi- ness environment, promote a climate of entrepreneurship and job creation and give small businesses easier ac- cess to finance and markets. Small and medium-sized enterprises repre- sent 99% of all businesses in the EU, providing two thirds of total private- sector employment. FINANCE AND THE EURO Economic and monetary union and the euro provide the common foun- dations for greater stability, growth and prosperity across Europe. Economic and monetary union unites and integrates EU economies through coordinated economic and fiscal policies, a common monetary policy and a common currency, the euro. It is a powerful tool to deliver jobs, growth, social fairness and fi- nancial stability. The EU is working to ensure the fi- nancial system remains strong and secure and that the single market of- fers consumers and businesses the fi- nancial products they need. EU BUDGET The EU budget helps to deliver on the things that matter to Europeans. By pooling resources at EU level, member states can achieve more than they could by acting alone. FRAUD PREVENTION The European Anti-Fraud Office en- sures taxpayers’ money is put to the best possible use by investigating cases of fraud, corruption and illegal activities involving EU funds. ISSUE 164 AUGUST 2022 the BANKING EXECUTIVE 11 EU Single Market Budget and Fraud prevention EU ECONOMIC MODEL Consumer protection and competition Business and Industry Customs and taxation Finance and Euro