Internal Market Emergency and Resilience Act (IMERA)

Briefing 26-02-2024

In 2023, the EU celebrated the 30th anniversary of the single market. Recent shocks have shown not only how vulnerable to crises the single market is, but also the extent to which the EU economy relies on a well-functioning single market. It is now considered to be a key driver of EU resilience. In September 2022, the Commission put forward a single market emergency instrument (SMEI) package. It includes one main proposal for a regulation establishing a SMEI, and two accompanying proposals amending harmonised product legislation to ensure that strategic goods can be marketed quickly to address shortages in the event of market crises. The main proposal establishes measures for contingency planning, such as an early warning system. A 'vigilance mode' could be activated after a threat has been identified. If a wide-ranging crisis hits the single market, an 'emergency mode' could be triggered. The co-legislators reached a provisional agreement on the package on 1 February 2024, after four trilogue meetings. This agreement still needs to be formally approved by both institutions. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.