EU commits to One Europe, One Market roadmap to close the competitiveness gap by 2027

The European Union is staking its economic future on finally completing its own single market. The presidents of the European Parliament, the Council of the EU and the European Commission have signed a Joint Declaration backing the One Europe, One Market roadmap, agreed on the sidelines of the informal meeting of EU leaders held in Cyprus in late April under the Cypriot Council presidency.

Targets and deadlines

The roadmap sets concrete targets for legislative proposals and inter-institutional agreements with a deadline of the end of 2027, backed by quarterly progress reviews, clear institutional responsibilities and regular transparency reporting. A key near-term milestone is delivering the first phase of the Savings and Investment Union by June 2026. Cypriot President Nikos CHRISTODOULIDES called the initiative a turning point for competitiveness.

The cost of fragmentation

President Ursula VON DER LEYEN first set out the strategy in February, arguing that the bloc has the world’s second-largest economy but is driving it with the handbrake on, and noting that internal barriers between member states are around three times higher than those between US states. The European Economic and Social Committee estimates fragmentation holds back about EUR 500 billion in additional GDP each year; the IMF has likened the EU’s internal non-tariff barriers to tariffs of roughly 44% for goods and 110% for services.

From plan to enforcement

The IMF projects the EU will account for about 12.9% of global GDP by 2030, against roughly 20.4% for China and 13.9% for the United States. The roadmap sits alongside the broader Single Market Strategy and the cluster of obstacles business groups call the Terrible Ten. Industry has welcomed the political alignment but warns that success will depend on enforcement against national rules that fragment the market, especially in services.