THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 21(2) and Article 114(1) thereof,

Having regard to the proposal from the European Commission,

After transmission of the draft legislative act to the national parliaments,

Having regard to the opinion of the European Economic and Social Committee [OJ C 81, 2.3.2018, p. 88.],

Acting in accordance with the ordinary legislative procedure [Position of the European Parliament of 13 September 2018 (not yet published in the Official Journal) and decision of the Council of 27 September 2018.],

Whereas:

(1) The internal market is one of the Union's most tangible achievements. By allowing people, goods, services and capital to move freely it offers new opportunities for citizens and businesses. This Regulation is a key element of the Single Market Strategy established by the communication of the Commission of 28 October 2015 entitled 'Upgrading the Single Market: more opportunities for people and business'. That strategy has the objective of unlocking the full potential of the internal market by making it easier for citizens and businesses to move within the Union and to trade, establish themselves and expand their businesses across borders.