Single market is the basic pillar of the EU’s economic integration. Its functioning influences Union’s economic growth and its global macroeconomic performance. Article analyses current state of market integration resulting from economic freedoms of common market – free movement of goods, persons, services, and capital. Key areas where economic protectionism of the EU member states persists are in focus. Even though goods and financial markets were already integrated to a large extent, services, labour, and public procurement markets are still national in character. Macro- and microeconomic effects of the creation of single market are also constituent part of the analysis.