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Coronavirus and the cost of non-Europe: An analysis of the economic benefits of common European action

11-05-2020

This EPRS paper focuses on the economic benefits of common action at European level and the risk involved if the current coronavirus crisis and its aftermath were to stall or reverse the process of European integration. It attempts to quantify the losses from: (i) any gradual dismantling of the EU project - where cautious estimates suggest that erosion of the EU single market alone would cost the European economy between 3.0 and 8.7 per cent of its collective GDP (this would be existing 'European ...

This EPRS paper focuses on the economic benefits of common action at European level and the risk involved if the current coronavirus crisis and its aftermath were to stall or reverse the process of European integration. It attempts to quantify the losses from: (i) any gradual dismantling of the EU project - where cautious estimates suggest that erosion of the EU single market alone would cost the European economy between 3.0 and 8.7 per cent of its collective GDP (this would be existing 'European added value' permanently lost); and (ii) a parallel failure to take advantage of the unexploited potential of collective public goods that have yet be achieved (this would be future GDP growth foregone). The latter 'cost of non-Europe' in 50 policy areas was identified by EPRS in 2019 as around 14 per cent of EU GDP by the end of a ten-year running-in period.