European Commission prepares Small Business Act

The European Commission launched a public consultation on the content of a European ”Small Business Act”. Its objective is to put small and medium sized enterprises at the forefront of decision-making in the EU and to introduce concrete measures to unlock the SMEs’ growth potential. It will include new initiatives to reduce regulatory burden on SMEs, facilitate access to Single Market/public procurement, help provide necessary financial/human resources for SME development and help SMEs face the challenge of globalization and climate change. The preparation of a ”Small Business Act” for Europe is one of the key measures announced in the Commission’s package for the next cycle of the Growth and Jobs Strategy adopted last December.