Eugene Eteris, European Studies Faculty, RSU For the second time in the EU’s history, SME week is taking place in Europe. The first one was inaugurated in 2009, after Small Business Act for Europe (SBA) was adopted in 2008. The Commission’s Vice-President, Antonio Tajani has launched the European SME Week 2010 in Brussels on 25th of May. This pan-European campaign is designed to promote and support entrepreneurship.
With the onset of the economic crisis in 2008, the progressive and positive development of small and medium enterprises (SME) has come to a halt. For example, between 2002 and 2008, SMEs in the EU turned out to be the most important European economy job engine with 9.4 mln jobs created during this period. Besides, SMEs outperformed large firms.
However, during 2009 and 2010, a sharp contrast with the previous period is registered: i.e. an estimated loss of 3.25 million jobs in the SME sector.
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