The EU has become the world's biggest market. Nowadays goods, services, capital and people move freely, but many obstacles had to be overcome.

Eureka!: Single Market

The 27 Member States bring together  almost half a billion consumers.

and many barriers among the EU's states  had to be overcome to achieve it.

Six European countries  met in Rome in 1957.

Belgium, Germany, France, Italy,  Luxembourg and Netherlands

set up the  European Economic Community or EEC.

In 1951 they had already pooled  their coal and steel.

They wanted to go further  with the EEC.

Their aim was to develop  a common European market

It was also a way to bring  nations closer to each other.

To meet their goal Europeans had to get  rid of barriers to free movement:

the movement of goods, services, capital  and people - the four freedoms.

Customs duties disappear among  the countries in the EEC.

This was the customs union -  the free movement of goods.

Taxes, safety rules and industrial and  health standards vary in the EEC.

These differences prevent  the free movement of goods

as some countries use them as  an excuse to block imports.

It took almost 20 years for all  the Community's members

In 1986 the countries in the EEC  signed the Single European Act.

They wanted to complete the single  internal market by 1 January 1993.

In 1993 the single market  becomes a reality.

The European Economic Community  becomes the European Union.

Services and capital  begin to move freely among countries.

Post services, tourism, research and  the environment are all affected.

More time would be needed for changes  to telecommunications and transport.

There were more ideas on how  to improve the single market.

Eureka! Europeans decided to set up  a single currency by 2002.

It's aim was to make trade easier  among countries.

In 1995 saw passport-free travel  within the EU

and an end to police controls at borders  thanks to the Schengen agreements,

signed ten years earlier by  five Member States

that created a zone without  any internal borders.

Thanks to Schengen Europeans  can work and travel in another EU state.

Since its creation Europe's single market  has generated millions of jobs

and some 800 billion euros  in additional wealth.

In 2002 it was strengthened by  the single currency.

Along with the euro the single market  cements European integration.

By the way does Schengen  ring any bells?

To find out more about it  you'll have to tune in to another Eureka!