More reactive civil services, less bureaucratic formalities, easy access to loans, funds for innovation and research, VAT rebates for locally-provided services, a clampdown on late payments: these are some of the guidelines set forth by the law on small- and medium-sized enterprises (SMEs) which was launched today by the EU. The EU regulations lay down shared obligations for the EU Commission and the national governments to support companies working in several lines of businesses with less than 250 employees, which account for 98% of all European companies. "The law provides for less bureaucracy, fewer formalities and easy terms for 23 million SMEs": the president of the EU Commission, José Manuel Barroso, explains the meaning of this measure, which aims "at supporting these companies and creating a springboard to turn them into international competitors". The EU Commission believes they "play a key role in economic development" and employment, although they have to face internal bureaucratic hindrances and increasingly competitive global markets.
