Business, Legal & Accounting Glossary
‘Common market’ is a vague term often carelessly used by writers on in the hope that readers will read it in the same context that they write it. The term has no well-defined meaning. In the early days of the UK’s membership of the EEC, the term ‘The Common Market’ was widely used to denote the EEC itself. Most commonly, common market denotes a level of economic integration closer than a customs union or Free Trade Area, but less close than a full monetary union. In the EU context, the common market includes not only the customs union, but measures to facilitate the free movement not only of goods, but also the means of production of goods. See free movement of goods, Free Movement Of Workers, Freedom Of Establishment.
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This glossary post was last updated: 5th April, 2020 | 1 Views.