In a response to proposals originally drafted by the former commissioner Mario Monti in 'A new strategy for the single market: At the service of Europe's economy and society", Internal Market Commissioner Michel Barnier has presented today over 50 new measures constituting the Single Market Act. This is designed to contribute to the full completion of the common market for goods, services, persons and capital and to relaunch competitiveness while restoring the European public's confidence. 

Roger Acton, ACCA Director Europe and Americas says: "The Act is in fact a collection of commitments and aspirations relating to many different technical issues. What we would like to see emerging from this broad plan is a clear focus on the part of the EU to pursue those measures which will best equip the EU to meet the serious challenges that it currently faces, and to prioritise those measures which will most help to encourage business activity and employment. In particular, we look forward to seeing concrete measures taken to support the creation and growth of SMEs, which are the backbone of the European and global economy and which are crucial to Europe's economic recovery". 

The proposal to link up the various national business registers will help improve the ability of individuals and businesses alike to access corporate information. The promised review of the European Company Statute and the introduction of new legislation on the European Private Company offer new scope for encouraging business activity on a cross-border basis. ACCA also welcomes the Commission's undertaking to take early action to follow up its recent work on corporate governance reform. 

The Act also plans proposals on the basis of the recently published Green Paper on Audit, which is currently consulting on the future role of audit and how it needs to evolve to maintain its value for stakeholders in the wake of the financial crisis. 

Roger Acton adds: "ACCA supports real and transparent measures that reduce administrative burdens for SMEs, making compliance easier and less expensive. We fully support the EU's aim to conduct a root and branch examination of the Fourth and Seventh Directives, based on a clear evidence base of how SMEs survive and flourish, and how this can be improved in the future. We urge opinion formers and policy makers to ‘think small first’ and to bring forward concrete measures.” 

“The challenge will now lie in the implementation and the willingness of EU institutions – including the national parliaments - to collaborate, especially when it comes to ambitious deadline targets and the conformity of national laws with European Single Market Directives by 2012. ACCA looks forward to participating in the public debate on the measures set out in the Act”, Roger Acton concluded.