The European Commission has unveiled a raft of proposals aimed at re-launching the EU’s single market, which is one of the main pillars of its economy.

Following years of preparation, including thorough discussions at the European Parliament, Internal Market Commissioner Michel Barnier announced 12 proposals that will be implemented by 2012.

These range from facilitating employment mobility in the EU to creating more access to finance for small and medium enterprises.

The Commission adopted a number of proposals made by Labour MEP Louis Grech, who was one of the EP’s main rapporteurs during the preparatory discussions on the dossier.

The EU executive said the single market’s growth potential has not yet been fully exploited, despite the progress made since it was created in 1992.

Mr Barnier said the proposals will allow new, greener and more inclusive growth, if they are endorsed by member states.

“The Single Market Act adopted (last week) by the European Commission aims to deliver 12 projects on which to re-launch the single market for 2012,” he said.

The 12 instruments of growth, competitiveness and social progress also include consumer protection, taxation and trans-European networks. Their aim is to make life easier for everyone in the single market, including businesses, citizens, consumers and workers.

The European Commission said it was committing itself to presenting proposals for each of the 12 key priority actions outlined in the Single Market Act as soon as possible, to guarantee their adoption by the EP and the EU Council by the end of 2012.