Brussels announced EU single market reforms

The European Commission in Brussels has put across new proposals to make it easier for individuals and businesses to operate within the European Union (EU).

As such, a package of reforms entitled the Single Market Act II aims to strengthen social entrepreneurship and drive up consumer confidence.

Furthermore, the proposals include fostering mobility of citizens and businesses across borders and making it simpler to gain access to finances across the 27-member state EU area.

The new Single Market Act follows closely on the heels of the first incarnation of the report, which was adopted in April 2011, but key actions proposed by the European Commission under the original act are currently being discussed by officials and not all of these will be in place by the end of 2012.

At 09:40 BST, the major eurozone benchmarks were stable, with the Dax in Germany holding at 7327.1 points and the Cac 40 in France inching down by 2.9 points to 3403.7 points.

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