Single market in European Union

Joining the European Union is probably the best solution for improving the economy of an European country. By joining, the European Union Slovakia decided to follow the basic principles and rules of EU. There are various reasons for joining. However, the most important factor is the economic growth of Slovakia. With over 450 million of people, European Union is already the biggest market in the world. This market offers a lot of opportunities. One of the basic principles of European Union is single market. Single market means the free movement of people, goods, money and services within the member countries. Slovakia, as every member state, expects to gain economical and political benefit from it. To achieve an economic wellbeing in the competitive European single market is not easy. Actually, it brings quite a lot of disadvantages in the short term. On the other hand, many factors could improve immediately for Slovakia, such as recognition in Europe and attraction for foreign investors. The main advantages for economy of Slovakia are the free movement of people; foreign capital and investment, flowing into the country; and standardization and stabilization of the market. Even if the single market could cause many problems or disadvantages for Slovakia in the short-term, Slovakia would benefit from it in the future.