Draft Treaty establishing the European Union

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Part Four THE POLICIES OF THE UNION

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Article 47 Internal market and freedom of movement

Article 47 Internal market and freedom of movement

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1. The Union shall have exclusive competence to complete, safeguard and develop the free movement of persons, services, goods and capital within its territory; it shall have exclusive competence for trade between Member States.

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2. This liberalization process shall take place on the basis of detailed and binding programmes and timetables laid down by the legislative authority in accordance with the procedures for adopting laws. The Commission shall adopt the implementing procedures for those programmes.

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3. Through those programmes, the Union must attain:

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within a period of two years following the entry into force of this Treaty, the free movement of persons and goods; this implies in particular the abolition of personal checks at internal frontiers,

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within a period of five years following the entry into force of this Treaty, the free movement of services, including banking and all forms of insurance,

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within a period of 10 years following the entry into force of this Treaty, the free movement of capital.

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