Europe needs its SMEs to drag it out of economic crisis, but most are operating below their 2008 levels. Now the Commission is promising to get them growing with “the most ambitious action plan to boost entrepreneurship Europe has ever seen”
As the European Union economy threatens to dip into recession again, the 20.7 million small and medium-size companies (SMEs) that form its backbone are yet to recover to their pre-crisis levels in terms of value-added and employment, according to the European Commission’s 2012 annual report on the status of SMEs published this week.
The report, ‘EU SMEs in 2012: at the cross roads’ might more appropriately be entitled ‘EU SMEs in 2012: at a standstill’, since only in Austria, Germany and Malta are small enterprises showing signs of recovery.
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