Besides this, better aligning the various countries in the EU to create an actual common market (which, contrary to what many people in the UK like to believe, is not simply the absence of tariffs) is a key challenge and bound to improve economic conditions, too.

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Begun more than 40 years ago, and originally called the Common Market, the EU in recent years has shifted its focus from reducing economic barriers among its members to creating a United States of Europe.

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Let me point to the fact that, after numerous reforms, the EU has finally built a huge and mature common market relying on sound monitoring structures, especially in terms of competition policies.

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Now the European Commission is arguing that, with tobacco advertising bans in nearly half of the EU member states, common rules are necessary in Europe's single market.

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He said any attempt to renegotiate Britain's membership could "kill the single market" and mean an end to the EU. Instead, a "common effort" was needed to establish a more integrated Europe.

BBC: Nick Clegg on the Today programme

The Cyprus presidency also aims to launch a Common European Asylum System by the end of this year and foster a deepening of the EU Single Market.

BBC: Cyprus begins EU presidency amid cash woes