![Internal Market Emergency and Resilience Act (IMERA) [EU Legislation in Progress][Policy podcast]](https://i0.wp.com/epthinktank.eu/wp-content/uploads/2023/02/EPRS-Briefing-739338-Single-Market-Emergency-Instrument-FINAL.png?fit=1000%2C591&ssl=1)
Written by Guillaume Ragonnaud (3rd edition, updated on 26.02.2024).
In 2023, the EU celebrated the 30th anniversary of the single market. Recent shocks have shown not only how vulnerable to crises the single market is, but also the extent to which the EU economy relies on a well-functioning single market. It is now considered to be a key driver of EU resilience.
In September 2022, the Commission put forward a single market emergency instrument (SMEI) package. It includes one main proposal for a regulation establishing a SMEI, and two accompanying proposals amending harmonised product legislation to ensure that strategic goods can be marketed quickly to address shortages in the event of market crises. The main proposal establishes measures for contingency planning, such as an early warning system. A ‘vigilance mode’ could be activated after a threat has been identified. If a wide-ranging crisis hits the single market, an ’emergency mode’ could be triggered.
The co-legislators reached a provisional agreement on the package on 1 February 2024, after four trilogue meetings. This agreement still needs to be formally approved by both institutions.
Versions
- February 2024: Single market emergency instrument: Protecting the single market in future crises (3rd edition)
| Proposal for a Regulation of the European Parliament and of the Council establishing a Single Market emergency instrument and repealing Council Regulation No (EC) 2679/98 |
| Committee responsible: | Committee on the Internal Market and Consumer Protection (IMCO) | COM(2022) 459 19.09.022 |
| Rapporteur: | Andreas Schwab (EPP, Germany) | 2022/0278(COD) |
| Shadow rapporteurs: | René Repasi (S&D, Germany) Dita Charanzová (Renew, Czechia) Anna Cavazzini (Greens/EFA, Germany) Adam Bielan (ECR, Poland) MarcoCampomenosi(ID, Italy) Anne-Sophie Pelletier (The Left, France) | Ordinary legislative procedure (COD) (Parliament and Council on equal footing – formerly ‘co-decision’) |
| Next steps expected: Final first-reading vote in plenary |
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