The introduction of the European Single Market in 1993 laid the foundation for a fair and future-oriented market in Europe. Austria seized the opportunity when it joined the EU and has benefited greatly since then: Austria's export ratio has risen from 33.5% in 1995 to 59.5% in 2023, which is above the EU average. "The EU internal market is one of Europe's remaining real areas of strength in the world. To ensure that the internal market remains a successful model for the domestic industrial and economic area, the framework conditions need to be recalibrated," argues Christoph Neumayer, Secretary General of the Federation of Austrian Industries (IV), adding: "The 10 target areas presented today by the federal government to improve the framework conditions in the internal market are a positive signal for Austrian companies. Especially with regard to reporting obligations and the overregulation of European companies, we need to get out of the bureaucratic jungle." The implementation of the announced 25% reduction in reporting obligations for companies would be one of these necessary adjustments that would make Europe more competitive again. "In addition, the aim must be to consistently deepen the single market further - there is potential: For example, the Europe-wide enforcement of existing single market rules must be ensured and, at the same time, administrative burdens or remaining barriers, such as in the services sector or in the Digital Single Market, must be removed," says Neumayer.
The heart of European integration - Europe's remaining area of strength in the world
"Over the last 30 years, the single market has been the driving force in jointly overcoming new challenges - such as the financial crisis, dealing with the Covid-19 pandemic or the energy crisis resulting from the Russian invasion of Ukraine," emphasizes Neumayer. The single market is "a protective shield that enables us to safeguard our supply chains in times of crisis". Around 70 percent of Austria's total foreign trade is generated with other EU countries. Domestic companies have saved around 2.2 to 5.5 billion euros annually as a result of the abolition of internal EU borders and investments by foreign companies in Austria have increased fivefold.