The aim of this paper is to analyse the effects of the implementation of the Single Market and to propose ideas on how its potential can be better revitalized in times of economic crisis. First, the paper offers a broader perspective to the analysis of the Single Market by exploring its close links to the rapidly changing economic environment due to the global economic crisis. Second, it puts together a comprehensive body of empirical evidence, based on the analysis of EU FDI flows and trade in services which allows for a thorough analysis of what has been achieved in terms of European economic integration.Overall the paper concludes that the Single Market is a powerful instrument to promote economic integration and to increase competition within the EU and that it has been the source of large macro-economic benefits. Building on the evidence and analysis provided, the paper concludes with suggestions to redesign the policymaking for the Single Market in the future, having in mind the statements presented in the Draft Report (issued on 22nd of March 2010) on Delivering a single market to consumers and citizens (2010/2011(INI)) “ The new agenda for the single market must be formulated in such a way as to enhance social justice, ensure market integrity, foster innovation and welcome the new digital age- all of which will enable the single market to have an edge over other major global economies.”