Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-14-Speech-1-132-000"
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"en.20110214.16.1-132-000"2
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"Mr President, honourable Members, the question before us is ‘How does the Commission intend to help small businesses find the finance they need for growth?’ In the Europe 2020 strategy, the Commission promised to concentrate on growth based on knowledge and innovation. Entrepreneurs who start up new businesses and launch new ideas produce jobs and create growth. We must accordingly direct our efforts so that such businesses can have the necessary resources at their disposal, obviously including finance, in particular, the means for innovation. In fact, I shall never tire of repeating: there is no growth, there is no competitiveness, if there is no innovation.
In conclusion, it is incumbent on the budgetary authority, the European Parliament and the Council to decide how to use the limited resources available at the European level. In this period when finances are restricted, it is clear that it is becoming ever more important to spend these resources more wisely. I am convinced that the financial instruments will contribute to raising the European Union’s resources and mobilising private investment.
You can be sure that the Commission will continue to work to make sure that our proposals always focus on the importance that the development of SMEs has for the future of Europe, convinced as we are that all the work that will have to be done in the next few months to emerge finally from the crisis, including the restructuring of major industries, will have to take account of the role that small and medium-sized enterprises can play. In my opinion, only they will be able to create new jobs, and hence cope with the social aspects of the financial crisis that we have faced, and they will naturally form an important springboard for initiating the new phase following the economic crisis.
First and foremost, the Commission intends in its proposals to place the emphasis on research and innovation. As shown by the Green Paper adopted by the European Commission last week on future research and innovation funding, the Commission will be trying to simplify the management of these programmes by making use of joined-up instruments. Joined-up instruments of this sort will simplify management and relationships with our partners and will also serve as a guarantee for greater transparency in the market. Simplification and flexibility will therefore be the key words for our work in future, which will focus on encouraging growth and supporting small and medium-sized enterprises (SMEs).
Programmes and common funding must, in fact, be easily accessible to all European businesses, above all, to those who have the potential for growth. I am convinced that, in order to achieve this objective, programmes for SMEs must be reorganised in a single common programme for growth and competitiveness, taking into account the experience that has been obtained to date, particularly with a view to providing for the kind of flexibility needed to respond to changes in the markets and in our economies over the next programming period.
Secondly, in its proposals, the Commission intends to place emphasis on funding instruments, that is, to pass from a culture based on grants to one more oriented towards lending to businesses. Obviously, this approach will favour those who are able to produce a well-grounded business plan. One achievement we can take as a starting point is surely that represented by the guarantees and investments in venture capital provided for in the Competitiveness and Innovation Framework Programme (CIP). These instruments have met with great success. To date, we have helped more than 100 000 SMEs, and by the end of the programme, we shall have helped over 300 000.
I should, moreover, like to stress that the first generation of Union investments in venture capital comprises 98% of capital investment, which becomes even more relevant when one considers that with scarcely 2% of funding, we have been able to help many European SMEs to grow. Besides, another important aspect is the fact that this is not a question of bureaucratic instruments. They are, in fact, available from banks and venture capital funds. In short, there is no need to ask Brussels for them. We know that SMEs appreciate the flexibility of these instruments and the fact that they are easily accessible.
I should also like to emphasise that a few days ago, the European Council invited the Commission to put in place an EU-wide venture capital scheme. The Commission intends to do so. In fact, we share the Council’s concerns as regards the gaps in the venture capital markets. Moreover, we are perfectly aware of the usefulness of loan guarantee schemes, which help a great number of small businesses. I can assure you that the Commission is convinced that loan guarantees are necessary, whether at the European or at regional level. This is why the Commission will be representing a coherent series of instruments intended for SMEs. We are therefore inviting Member States, who are codecision partners as regards the application of structural funds, to join us in this task. This is what has been done as regards future financial programming.
I should, however, like to clarify the fact that in the meantime, the Commission has not been idle. On 28 October last year, I launched the SME Finance Forum, with the aim of monitoring the progress of SME funding, promoting best practice and encouraging new solutions. This standing forum provides a regular opportunity for small and medium-sized enterprises to meet lending institutions. The market situation and the legal framework under which SMEs access funding are being kept under review. There have also been discussions on ways of developing the European market for mezzanine financing and I am pleased to let you know that we are making progress from this point of view.
Finally, it is equally important to have another look at the regulatory framework. Here, I should like to record a special ‘thank you’ to my colleague, Michel Barnier, whose communication ‘Towards a Single Market Act’ proposes important initiatives that make our legislation more effective, including the legislation on the single market for venture capital. Our common objective is, in fact, precisely this: to foster the single market and to bring about the best conditions for growth, competitiveness and entrepreneurship.
As far as the capital requirements for banks – ‘Basel III’ – are concerned, which are also within Commissioner Barnier’s remit, the Commission will make legislative proposals in June 2011. The Commission’s proposal will include a thorough appraisal of the micro-economic and macro-economic effects of such measures, which will ensure that our proposals are well thought out, in terms of their timescale and impact, and also take into account what is happening in other parts of the world."@en1
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