Essay from the year 2004 in the subject Business economics - Miscellaneous, grade: 1,3, University of Lincoln, course: B.A. European Business, language: English, abstract: The Lisbon European Council of March 2000 set the European Union a new strategic objective for the coming years:to become the most competitive and dynamic knowledge-based economy in the world, capable of sustained economic growth with more and better jobs and greater social cohesion. It is considered that Europe’s competitiveness and economic progress is strong dependent on its small and medium-sized enterprises, which are the key-source for job creating as well as for searching for new business ideas and innovative solutions, its main driver for entrepreneurship. For this reason, the European Council endorsed the “think small first” principle as one way to progress towards the Lisbon objectives. The idea of the small business has captured the imagination of the public and politicians over past years. They agree in the point that to meet the challenge of new integrated Europe requires a better business environment within the Internal Market, including the lightest possible administrative and regulatory burdens for small businesses and a better access to finance resources as well as creating of simple and effective legislation. It also requires a revolution in attitudes to entrepreneurship and to risk-taking processes, which will allow viewing failure as a part of experience, as an “opportunity to learn” from mistakes. They also emphasise the fact that small enterprises are normally more sensitive to changes in the business environment than large firms. They are the first to suffer if weighed down with excessive bureaucracy and creating new administrative burdens. And they are the first to flourish from initiatives such as decrease in taxation rate and promotion. My essay aims to answer the question to what extent the EU’s main market integration initiatives address the needs of SME’s and what should be done on the way to developing strong, competitive SMEs which would use all benefits from the Single European Market. It is important to define what we mean by SMEs before proceeding to answer these questions. For the purpose of this essay, SMEs are defined as non-subsidiary, independent firms, which employ less than 250 employees. We have to take into account the fact that this number may vary across national statistical systems. [...]

Against the background of completing the European Single Market is the observance and monitoring of small and medium-sized enterprises (SMEs). With about 20 million such businesses, employing some 117 million people, SMEs represent an economic lynchpin to the success of the Single Market concept. This 6th report, from the Observatory, and prepared by a consortium led by KPMG Consulting, focuses on the economic and financial needs of SMEs. Specific chapters look at their products and services, the recruitment and training of staff, particulary vocational training, and their access to investment. The report is concluded with the set of policy recommendations, which are aimed at strengthening the entrepreneurial culture. These recommendations include: to provide more information on public procurement to SMEs; to promote further resarch on the impact of electronic commerce on the position of SMEs.

This book studies the economic recovery of individual European Union member states more than ten years after the beginning of the global economic crisis. In light of austerity policies and conservative government investments in many EU countries, it explores how higher growth rates can be achieved by stimulating firms and economic sectors with a high accelerator potential. The contributing authors analyze the effects of EU policies on small and medium-sized enterprises (SMEs), while also studying EU policies with the potential to foster investments and economic growth. Furthermore the book assesses the EU policy on foreign direct investment (FDI) in the member states, in comparison with similar policies in Russia and the US. The authors demonstrate that FDI, besides providing financial resources, can facilitate modernization especially in the high technology sectors. Finally, the book provides a sector analysis and policy recommendations on tourism and immigration, as well as economic protectionism, since tourism has proved to be the most dynamic sector, especially in the European South, while immigration is one of the most serious issues the EU is currently facing. This book will appeal to scholars in economics and related fields, as well as decision-makers and professionals at governmental institutions looking for policy measures and tools to stimulate economic growth.

This book looks at the 23 million registered Small and Medium Enterprises (SMEs) that make up 98 per cent of the EU economy. Addressing the high end of SMEs in terms of new models for SME funding and financial reporting, this merged way of looking at SMEs reveals a ‘myopic’ thinking in terms of net present value and (future) cash flows generating short-termism and low risk appetite for business. This is not an accounting issue, but rather a preference toward certain financial tools. A segment of SMEs, the ones that seek new ways of funding possibilities, as well as modern technologies (MTFs listing, blockchain, ICOs, etc.) do require, even without knowing, IFRS for SMEs. This book reveals how market conditions impact the financial performance and sustainability of SMEs and also generate innovative policy interventions and financing strategies for SME integrity and efficiency. The authors frame their arguments in the context of the Capital Markets Union, looking at the Innovation Triangle, SME growth ecosystem and business models. They conclude by advocating for closing the circle of financing and financial reporting for SMEs, while considering if new financial models of financing and financial reporting are good for all the SMEs or only for some. The economy is being shaped by new models of financing and financial reporting. Read this practitioners’ view to understand the current changes and challenges.

The development of EU enlargement has raised many thorny issues unanticipated by the framers of the EC Treaty. A significant upshot of these issues is that the concept of European identity – defined in terms of such factors as culture, history and economics – has supplanted the long-dominant theme of ‘widening and deepening,’ particularly since the Union’s expansion has become primarily eastward. The major contribution of this important book lies in its analysis of the conceptualization and perception of enlargement from various points of view, focusing on the concerns of stakeholders and the ‘identity’ conflicts and uncertainties incurred by enlargement initiatives. In the course of its presentation, it details the actual pre-accession Europeanization process and its complex history. Among the key elements discussed are the following: the conflict between ‘widening’ and ‘deepening’ and the effect on EU institutional reform; institutional requirements on candidate countries; pre-accession criteria and negotiations; administrative capacity, judicial capacity, and legal approximation in accession states; capacity of the EU to absorb new Member States; and EC law as part of European identity. Also covered are specific historical details of particular pre-accession negotiations (e.g., Greece, Spain, Portugal, Malta, and Cyprus), the still inconclusive negotiations with Turkey and the Western Balkan states, and political factors involved in the non-accession of Norway, Iceland and Switzerland. Assembling powerful evidence and applying incisive analysis, the author’s conclusion shows that, absent further (and major) EU institutional reform, it will be difficult for an enlarging Union to continue to ‘deliver the goods.’ A watershed in the continuing great debate on the fulfilment of the EC Treaty’s determination to foster and promote ‘an ever closer union of the peoples of Europe,’ this book will prove invaluable to anybody interested in the European integration project, particularly lawyers, academics, officials and policymakers in the EU Member States.

Small and medium-sized enterprises (SMEs) and entrepreneurs have been hit hard during the COVID-19 crisis. Policy responses were quick and unprecedented, helping cushion the blow and maintain most SMEs and entrepreneurs afloat. Despite the magnitude of the shock, available data so far point to sustained start-ups creation, no wave of bankruptcies, and an impulse to innovation in most OECD countries.

The book provides knowledge of sustainable marketing tools in SMEs operating in the industry.