We found the following paragraph very interesting (the emphasis is ours). The Spanish parliament urges the government to,
"Favour progress on the completion of the internal market through the swift adoption of the pending legislative proposals under the Single Market Act I and II. Particular attention shall also be paid to the full and effective implementation of the Services Directive."We couldn't agree more. As we stressed in a recent report, the services sector represents a huge untapped source of growth for the EU. A quick reminder of the figures we're talking about:
- Further liberalisation of services by fully implementing the existing Services Directive and implementing a new 'country of origin' principle would result in a permanent boost to EU-wide GDP of up to an extra €294 billion a year;
- If Spain, the UK and the other ten EU countries that signed a 'pro-growth letter' in February 2012 decided to press ahead among themselves and open up their services markets under the so-called 'enhanced cooperation' procedure, this would still drive EU-wide GDP up by some €148 billion a year.