On 24 September 2024, the 20th meeting of the Single Market Enforcement Taskforce (SMET) brought together EU leaders to discuss two very pressing issues affecting cross-border trade and business operations and introduced new initiatives that can have a significant impact on consumers and businesses alike.

The first issue is territorial supply constraints, whereby private operators restrict retailers or wholesalers from purchasing products in one Member state and selling them in another, thus resulting in varying consumer prices across the Single Market and limitations in selection availability for consumers in certain regions. The Netherlands presented key challenges with examples from both food and non-food sectors, underlining the urgency of finding a solution. SMET members unanimously supported the launch of this initiative, marking a crucial step forward.

The second issue is facilitating the opening of bank accounts across borders. This long-standing challenge for businesses and citizens trying to operate in multiple EU countries hampers cross-border operations and trade, as the lack of EU-wide regulations means that companies must navigate a complex landscape. SMET aims to break down these barriers through continued discussions and technical analysis, creating a smoother process for businesses and citizens alike.

Source: DG GROW