Tag ‘SME Strategy’
“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 European Commission has developed an industrial policy package to help Europe’s industry lead the twin transitions towards climate neutrality and digital leadership. The package aims to drive Europe’s competitiveness and its strategic autonomy at a time of moving geopolitical plates and increasing global competition.
The package of initiatives outlines a new approach to European industrial policy that is firmly rooted in European values and social market traditions. It sets out a range of actions to support all players of European industry, including big and small companies, innovative start-ups, research centres, service providers, suppliers and social partners. A dedicated strategy for small and medium-sized enterprises (SMEs) aims to reduce red tape and help Europe’s numerous SMEs to do business across the single market and beyond, access financing and help lead the way on the digital and green transitions. Today’s initiatives also include concrete steps to address barriers to a well-functioning single market, Europe’s strongest asset to allow all our businesses to grow and compete in Europe and beyond.
The industrial policy package includes the following initiatives:
- A new industrial strategy
- A new SME strategy
- A single market that delivers for our businesses and consumers