Serious SME strategy missing

The ongoing prolongation of restrictions and lockdowns has pushed European SMEs into difficult financial situations and often risk of insolvency. Without relevant support measures at the EU and national levels, the SMEs won’t be able to increase their creditworthiness, or to invest in either recovery or the green and digital transition.

When legislating, the EU institutions must take into account the impact of the ongoing crisis and SMEs must be high on the EU political agenda. Policy-makers repeatedly refer to SMEs as the ‘backbone of the economy’ but these statements are frankly meaningless if they are not matched with policies that help smaller businesses to survive and recover.

SME representatives wish to see a serious update of the EU SME strategy that was adopted in March 2020 – only a couple of days before the EU Member States started locking down – and that it reflects the impact of the COVID-19 pandemic. Hand in hand with the update, we also need a high-profile person in the European Commission who will take care of EU SMEs and ensure that new EU initiatives are easily “digestible” for them.