The European Union’s single market came into effect in 1993. More precisely, it became operational on 1 January 1993, creating a shared economic area based on the free movement of goods, services, people and capital.
The project grew from the Treaty of Rome’s common-market ambitions and was accelerated by the Single European Act, signed in 1986. That act set a deadline for removing remaining barriers and harmonising rules across member states. The single market was intended to make cross-border trade work more like domestic commerce.
A common mix-up is confusing the single market with the euro. The euro began as an accounting currency in 1999, with euro notes and coins arriving in 2002; neither date marks the launch of the single market. The Maastricht Treaty, signed in 1992, helped shape later EU integration but did not establish the market itself. The single market has since expanded through rules covering competition, consumer rights, public procurement and digital commerce.