Donnery: Single Market and gender equality linked

The Schuman Declaration's call for lasting peace, secured through cooperation and solidarity, finds a parallel in the economic integration of Europe.

Donnery noted that the pooling of coal and steel, and even the inclusion of equal pay in the 1957 Treaty of Rome, served wider political purposes beyond mere efficiency or fairness – aiming to prevent war and avoid competition distortion.

Ireland's experience, with the repeal of the marriage bar in 1973 and subsequent anti-discrimination acts in 1974 and 1977, demonstrates how European Communities membership reinforced domestic reform.

Economically, closing gender gaps could raise global GDP by 20 percent (World Bank) and lift Europe's GDP per capita by nearly 10 percent by 2050, creating 10.5 million jobs (EIGE), underscoring the importance of fully utilizing human potential.

Europe's central economic challenge is productivity, with the Single Market identified as its most powerful lever.

International Monetary Fund estimates suggest internal Single Market barriers are equivalent to tariffs of 44 percent for goods and 110 percent for services.

Reducing these barriers to US internal market levels could boost long-run European productivity by nearly 7 percentage points.

For banking supervision, a more integrated Single Market would enhance effectiveness, as national differences in prudential regimes, accounting, and insolvency law still add complexity.

Harmonisation would facilitate credit flow and allow banks to grow and compete across borders.

A deeper Single Market also necessitates deeper capital markets to connect European savings with productive investment, fostering innovation and wealth creation.