03.12.2008

Putting small businesses first

The vast majority of businesses in the European Union are small and medium‑sized enterprises (SMEs), with no more than 250 employees. They are the ones providing most new jobs. Finding themselves increasingly affected by the present financial crisis and economic downturn, they are soon to qualify for a package of special measures.

<p>The Custoitex works, Portugal.<br />© European Communities</p>

The Custoitex works, Portugal.
© European Communities

Having made SMEs' needs a permanent priority for the European Union, the Competitiveness Council on 1 December 2008 adopted some conclusions including specific steps to improve financing arrangements, simplify the environment and facilitate market access for SMEs.

The conclusions endorse the Small Business Act initiative, which sets out ten principles and comprises a range of legislative and other measures. Many of those measures can be adopted swiftly (some already have been) and so will quickly be able to have an impact on growth; one example is giving a second chance to honest business people forced into bankruptcy; it is also planned to establish a European network of businesswomen, to act as ambassadors in unlocking the potential for female entrepreneurship.

The diversity of SMEs, which may involve craft trades, family firms, micro‑businesses, etc., and of their national and local settings is to be respected. In addition, SMEs will be encouraged to make the most of their innovative potential in all ways, including in traditional areas of activity.

 

More information:
Council press release (fr) (pdf)
Council webcast of press conference

 

 

Protecting the European economy

The impact of the financial crisis, which began in the United States, has been felt worldwide. The EU Council reacted swiftly and immediately adopted a package of rescue measures in October, which prioritised restoring confidence in the financial system and ensuring its stability.

Those first steps were followed on 2 December by a preliminary agreement within the Council on several legislative acts in the area of financial services aimed at protecting investors and savers. The Presidency will now continue its contacts with the European Parliament to seek an agreement enabling those directives to be adopted at first reading by the end of the Parliament's term.

One of those acts is aDirective on Deposit Guarantee Schemes. The aim of the Directive is to prevent depositors from panicking when a bank is in difficulty or has lost the confidence of the public, and avoid massive withdrawals of bank deposits.

The Directive has three key areas:

  • the current minimum coverage level will be increased from EUR 20 000 to EUR 50 000 from 30 June 2009, and to EUR 100 000 from 31 December 2011; most of the Member States have already made this increase;
  • in the event of insolvency, the payout period for reimbursing savers will be reduced to 20 working days which, in exceptional circumstances, may be extended by 10 days;
  • "co-insurance", i.e. authorising banks to make depositors bear up to 10% of losses, will be discontinued.

More information:
Council press release (fr) (pdf)
Council webcast of the public deliberation 
Council webcast of press conference

 

Forthcoming events
Environment Council, 4 December
General Affairs and External Relations Council, 8 and 9 December
Transports, Telecommunications and Energy Council, 8 and 9 December

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