The EU, as the second largest global economy, faces growth challenges due to regulatory barriers that hinder its potential. The European Economic and Social Committee estimates that fragmentation in the single market could add €500 billion to GDP annually. Non-tariff barriers are significant, equating to high tariff rates, which affects competitiveness against the US and China. The 'One Europe, One Market' initiative aims to unify the market in strategic sectors by 2027, potentially increasing GDP growth. The proposal has gained support among member states and will be discussed at the upcoming European Council.