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9/19/2022, 2:21 PM (Source: TeleTrader)
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EU unveils Single Market Emergency Instrument

The European Commission presented on Monday the Single Market Emergency Instrument (SMEI), aiming to "preserve the free movement of goods, services and persons and the availability of essential goods and services in the event of future emergencies."

The framework will include a mechanism to monitor the single market and increase preparedness through coordination and communication among the Commission and member states. It will also ensure the supply chains of strategically important goods and services "through a blacklist of prohibited restrictions," distributing strategic reserves and facilitating public procurement.

Finally, in the "emergency mode," the Commission could make binding requests for "priority rated orders for crisis-relevant products, in response to which firms must either comply or explain the grave reasons justifying refusal."

Baha Breaking News (BBN) / DJ