The SME Strategy

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“SMEs are the backbone of Europe’s economy” is a statement that many of us have likely heard or come across in various European publications. But how is this essential backbone supported? What policy exists to ensure that our European SMEs are able to operate and thrive within our entrepreneurial ecosystems?

One important part of the European framework that exists to support SMEs is the SME Strategy, released by the European Commission in March 2020. In developing this Strategy, the European Commission kept the variety in function, size and make-up of European SMEs firmly in mind, while also recognising their individual requirements and the need to support the innovation, jobs and diversity that they bring to the EU economy.

Within the SME Strategy the Commission puts forwards actions clustered around three main pillars:

  • Capacity-building and support for the transition to sustainability and digitalisation;
  • Reducing regulatory burden and improving market access; and
  • Improving access to financing.

The SME Strategy is part of the “New Industrial Strategy for Europe” and can be consulted in full here.