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cy, many consequences were misleading by some countries. The participant countries were restricted from many choices they could have made before, and also were seeing it as a loss of sovereignty. It was stripping away all defenses. Lady Thatcher's initiative of introducing the Euro currency turned the European Union into a truly confederate state. When those who deplore the consequent loss of sovereignty talk of taking power back from Brussels, it is mainly the single market powers they have in mind.

All the complaints are regarded as question of time, as in time merging showed to be a great intelligent use of economies of scale, and a way towards an integrated united Europe. Gradually these protections are being stripped away, by passing all necessary directives.[3]

The single market is one of the great adventures of history which never before have so many states bound themselves together in this way.

CONCLUSION

The creation of the European Community aimed free movement and unity among member countries. This principle was initially introduced to open Europe's labor markets to migrant workers and their families. As years passed by and the operation was being successfully implemented and it was giving great results, this right extended in different sections as well.

Harmonized regulations among EU countries have taken place, though not in all cases, which have led to a big step further into the integration process for European countries. There are no limits on what you can buy and take with you when you travel between EU countries, as long as the products purchased are for personal use and not for resale, with the exception of new means of transport. Taxes (VAT and excise) are included in the price you pay and no further payment of tax can be due in any other EU country.

Though many critics argue that this market should not be considered as a perfect one, since its unification is not fully achieved, yet, is has given a great contribution to European integration process, which all of its members are enjoying its benefits nowadays.

1.Simona Amanti,(2000) A single Market in Financial Services: Effects on Growth, Employment and the Real Economy, European Parliament, Luxemburg.

2.The Single Market, (1996) Office for Official Publications of the European Communities, Brussels.
3.Mautrice Zinkin,(1999) 'Single Currency in a Single Market', International Relations, vol XIV, vo. 4, pp.47-53.


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