Commission reports on Single market and Europe’s strategic dependencies

On 23 February the Commission has published the Annual Single Market Report 2022 and the second edition of in-depth analysis of Europe’s strategic dependencies.

The second Annual Single Market Report provides updates on the developments across industrial ecosystems, looking at the path to recovery, recent challenges in global supply chains and the economic situation of SMEs. It responds to a renewed attention to the importance of strengthening the resilience of the Single Market. In particular, the report confirms the importance of the effective implementation and enforcement of the Single Market rules, as a well-functioning Single Market enhances security of supply also in times of crisis.

The report highlights that the green and digital transitions require substantial investment to overcome large-scale challenge whereas the report on strategic dependencies looks at five areas – rare earths and magnesium, chemicals, solar panels, cybersecurity and IT software – where Europe faces strategic dependencies on third countries.