Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-24-Speech-1-145-000"
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"en.20111024.15.1-145-000"2
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"Three years ago, the EU once again announced that it was going to pay closer attention to small and medium-sized enterprises. Once again, however, there was no consistent planning. Immediately after the initiative got under way, the economic crisis hit SMEs particularly hard. The Basel Committee on Banking Supervision’s ever tighter regulations, in particular, are strangling the financial air out of poorly capitalised small and medium-sized enterprises. The EU study into high growth potential for SMEs in markets outside the EU and the adapted strategy promised for the end of the month are sure to make little to no difference when it comes to the fundamental issues. Not only are these enterprises being choked by the paralysis of economic growth as a result of the sovereign debt crisis; there is also no trace of the promised cuts in red tape. If 99% of European businesses, which, furthermore, are also the largest employers – and that is precisely what the SMEs are – are only able to tap 10 to 15% of European funding, it is high time that the EU’s system of subsidising conglomerates and multinationals were changed by repatriating the supporting body. The promised cuts in red tape and a re-think in connection with the Basel reforms also need to be evident before the SME sector runs out of financial air."@en1
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