Contributions of the speakers:

Panel 1 - Achieving critical mass - Making SMEs participation central to public/private funding

Chiara De Caro, General Manager, EBAN

Erik Eckhardt, Investment Manager, MDB

Tina Sommer, ESBA Chair article

Panel 2 - The importance of SMEs in regional socio-economic development and how to assist in their upscaling to national and international status

Christian Saublens, Director, EURADA

Thierry Baujard, President Mediadeals

Panel 3 - Where is the Entrepreneurship in the R&I? Concrete action towards closing the gap between R&I and entrepreneurship

Clive Winters, Assistant Director, Coventry University Enterprises

Luuk Borg, Head of Secreatriat, EUREKA

Stefanie Kalff-Lena, Policy Officer SME, EC, DG R&I

Panel 4 - Towards creating an entrepreneurship culture – Education, formation, knowhow

Daniel Gassman, Head of Sector Business Services, EACI

Peter Baur, Deputy Head of Unit, European Institute of Innovation and technology, Economic Partnership, DG EAC

Marko Curavic, Head of Unit Entrepreneurship, DG Enterprise and Industry

The event was co-organised by:

Equity financing and venture capital are important sources of SME’s financing, and well placed to support European policies on growth and innovation. They can also help leverage the resources of the rest of the financial industry. Still, equity financing suffers from significant drawbacks that lead to its under-utilisation by SMEs- were the  main  conclusions of a roundtable recently organised at the European Parliament

Equity finance is still underutilised by small and medium sized businesses across Europe. Considering the tightening bank lending environment and the reliance of the European economic recovery on innovative, high growth firms, improving the SME access to equity finance will be crucial in ensuring European long term competitiveness.

In this context , the SME UNION recently co-organised with ACCA (the Association of Chartered Certified Accountants), UEAPME (the European Association of Craft, Small and Medium- sized Enterprises ) and EFAA (the European Federation of Accountants and Auditors for small businesses) a roundtable called “Facilitating access to equity finance – from trusted advisers to active intermediaries”- at the European Parliament in Brussels.

Through two expert panel discussions moderated by Robin Jarvis, ACCA’s Special Advisor and member of the Consumer group of the European Banking Authority, the event aimed to open up the dialogue between the investors, SMEs, accounting and other professionals to explore the current state of play of private equity finance in Europe.

It also discussed the potential of practical multidisciplinary approaches with the support of the intermediaries to improve SMEs’ awareness of, readiness for and access to equity finance, and the scope for future development.

Panellists included Roger Havenith, Head of the Unit Financing of innovation competitiveness and employment policies at DG ECFIN; Prof. Anna Gervasoni and Dr. Gabriele Cappellini from the Fondo Italiano; John Holloway, Director at the European Investment Fund (EIF) ,  James Burnham, Head of External Relations of the European Private Equity and Venture Capital Association (EVCA) ,  Giorgio Giorgi and Stefano Lunardi from the Advisory Network Team (ANT) ,  Gerhard Huemer, Economy policy Director at UEAPME ,  Jean-Charles Boucher from the Autorite des Normes Comptables (ANC) and the Compagnie Nationale des Commissaires aux Comptes (CNCC), Per-Ove Engelbrecht, Head of Unit Finance Innovation and SMEs at DG ENTR and Federico Diomeda, CEO of EFAA.

Robin Jarvis, chair of the event said “Our discussions showed that that equity finance currently does not provide a great part of the finance used by SMEs around Europe. Even after accounting for the fact that venture capital makes businesses bankable and thus mobilises other sources of finance, there is simply not enough equity investment taking place. However, while debt and equity finance are not substitutes, at a time when credit is constrained and the European financial system is deleveraging, the under-utilisation of equity is not sustainable. There is an urgent need to encourage both external equity provided by major investors, but also the reinvestment of funds into the business as well as small-scale investment”.

All participants agreed that support for venture capital (VC) and equity investment can, due to their targeted nature, be an effective and efficient means of achieving European policies on growth and innovation. VC-funded funded firms have, for example, been better job creators during both boom times and the recent recession.

However, the industry suffers from significant drawbacks too. These range from market fragmentation, low performance, the limited size of EU funds in comparison to Japan and USA, and the fact that equity investment is a risky business and median returns are negative. The industry has been shrinking consistently from 2000 onwards due to the lack of fundraising from private investors who left he market; in 2011 more than half of all VC investment (57%) was reliant on public funding, up from 10% in 2007. Only 1% of the European SMEs are acquiring funds by issuing shares on capital markets or by calling on investors. For external equity, the average SME is too small to be "investable" - i.e. have the human capital required to attract equity investors- and to be of interest for most existing instruments. In addition, the socio-cultural factor should not be neglected: small companies, especially family businesses are rather reluctant to call on external capital and share decisional power.

Gerhard Huemer, Director of Economy Policy at UEAPME added, “Equity is important for SMEs’ financial stability, both to survive the current crisis and to finance riskier-than-usual business activities. However, it remains more expensive and less attractive than loans to entrepreneurs. Accountants and advisors have therefore a key role to play to help companies to manage their financial resources and find the right balance between debt and equity. When it comes to external equity, the average SME is too small to be of interest for most existing instruments. That is why special instruments targeting the needs of SMEs are needed, and why the upcoming EU programmes for 2014-2020 such as COSME must support “mezzanine finance” tools.

The roundtable also clearly highlighted the key role of "trust" and "networks", as well as the necessary early-stage involvement of all actors. It was stressed that venture capital companies generally invest for the long-term and mainly in companies they have already known for a long-time, usually via well established networks or advisors/sponsors or advice from trusted third party influencers.

Federico Diomeda, CEO of EFAA concluded: “The roundtable showed that equity finance for SMEs is a very wide topic that reflects also the huge dimension of the market. We need to consider the financial needs of SMEs in the right way and avoid confusion between growth and recovery - although the latter may imply the first. The difficult categorization of private equity operations in the SME market implies a sort of bottom up approach when looking for SMEs deserving access to private equity and then assisting them in actually getting this finance. The concrete examples offered during the debate of how intermediaries can help SMEs showed that this exercise may be done efficiently and at little cost: small practitioners know the territory. I invite all participants to meet again in one year time to assess achievements towards a concrete and pragmatic approach to this complicated issue”.

On March 19th the SME UNION in cooperation with Heidenroslein Association and Ms Elena Oana Antonescu MEP organized a cocktail reception at Arthis – The Belgian-Romanian House in Brussels with the title: “Maramures a tasting of nature and traditions”.

The guests had the opportunity to sample and experience a glimpse of the true Romanian regional traditions and cusine and witness the wonders of the natural world in Maramures, as well as an entertaining and insightful program of traditional Romanian folk dances and drama.

On March 20th Ms Elena Oana Antonescu MEP hosted at the European Parliament a joint SME UNION -  Heidenroslein Association Conference on “Biodiversity and Climate change”. The debate was moderated by Nelu Neacsu, SME UNION Treasurer. He stated that biodiversity is our natural capital and that business, in particular SMEs, depends on products and services provided by the natural environment. Consumers are becoming more and more aware of biodiversity issues and are increasingly looking for sustainable products. He concluded that preservation of biodiversity is not just a job for the EU and national governments but it needs support both from the private and public sector.

On 28 February, 2012, IEEE and the SME UNION jointly organized a Working Breakfast – titled “Global Standards for Europe in the ICT sector” – at the European Parliament.

IEEE is the world’s largest technical professional association, dedicated to advancing technological innovation and excellence for the benefit of humanity. It has a wide network of 400,000 members, over 50,000 of whom are European. IEEE and its members inspire a global community through IEEE's highly cited publications, international conferences, technology standards, and professional and educational activities.

The Breakfast was moderated by Paul Rübig, Member, European Parliament. Among the keynote speakers were Katrine Mulvad Thomsen, Counsellor of the Danish Permanent Representation to the EU; Liliana Brykman, Director at the European Commission DG Enterprise and Industry; John Kulick, Vice Chair of the IEEE Standards Association Standards Board; and Karine Iffour, Director of Business Development in IEEE’s European Headquarters. Impulse statements were given by Dirk Weiler from ETSI, Rebekka Porath from Digital Europe and Martin Prager from PIN-SME.

Mr. Kulick noted the ubiquity of IEEE standards and their value in our everyday lives, demonstrating that they are present even in the European Parliament.

Adoption of the standardisation package will encourage innovation and growth in the IT sector by enhancing interoperability in networks and systems. It will help Europe keep pace with fast-moving technology, and will assist SMEs in their key sectors.

Recognition of globally accepted ICT technical specifications is important for policy and procurement. Policy areas of the European Union such as security, accessibility, eHealth, sustainability, eTourism, and eGovernment will all benefit. Public procurement will be given the freedom to maintain interoperability across the European Union. The recognition criteria described in Annex II are highly relevant as they ensure openness, consensus, neutrality, quality and transparency.  The inclusion of the suggested language on coherence, however, could lead to unintended complications, for instance by forcing the referencing to some European standards that were not adopted by the market.

The Multi-Stakeholder Platform for ICT Standards was supported by all stakeholders present at the Breakfast as the unique body to advise the European Commission on ICT technical specifications that can be recognized. In the Multi-Stakeholder Platform, all parties are represented (Member States, European Standardisation Bodies, Industry, SMEs, Societal Stakeholders and ICT Standards Developing Organisations) by ICT standardisation experts.  Additional consultation beyond the Platform may cause delays and endanger the process efficiency and the competitiveness of the ICT European market.

IEEE calls for simplification and harmonisation of the current situation, in which each member state has different criteria to reference ICT technical specifications. This current situation can lead to a lack of interoperability across Europe and with the rest of world, impacting European competitiveness. In summary, IEEE supports adoption of the standardisation package, including the multi-stakeholder platform, and believes it will result in benefits to European society and a more competitive European industry.

About IEEE – A global leader in standards development 

IEEE    is    the    world's    largest    technical    professional    society,    with    a    125-year    history    of    technological    innovation.    The organisation  comprises  more  than  400,000  members  who conduct  and  participate  in  its  activities  across  the  world  in over 160  countries, including  all  EU  Member States. IEEE is a leading developer of industry standards, with an active portfolio of more than 1,400 standards and projects under development.  In the course of standards development, the five    key    values    of    consensus,    due   process,    openness,    right    of    appeals    and balance underpin the activities.  All participants are equally recognised and have an equal basis in the standards development processes. 

The development of IEEE standards provides the means for technological development to reach the global marketplace. The standards produced by IEEE are known for achieving high levels of technical excellence and broad applicability. The IEEE standards process is fully consistent with WTO criteria for international standards developing organisations, and many IEEE standards have been adopted by ISO and IEC.

« Fallout from the Lehman Brothers collapse and dangers for small investors »

On Tuesday February 7th, the SME UNION organized a Working Breakfast at the European Parliament named “Fallout from the Lehman Brothers collapse and dangers for small investors: a Swiss case study”.

The discussion on financial regulation tools was endorsed by Members of the European Parliament, namely Nadezhda Neynsky, President of the SME UNION, and Markus Ferber, Member of the Economic and Monetary Affairs Parliamentary Committee. They all agreed on problems faced by enterprises and citizens regarding banks’ insolvencies and bailouts by governments.

Nadezhda Neynskywelcomed attendees to the meeting, saying:

“Problems for small investors are also problems for small business. We thank Professor Hoffman and Liberales Institut for speaking to us about the problems of the Lehman Brothers case in Switzerland and how that affects small investors”

Professor Christian HoffmanfromLiberales Institutoutlined a recent study published by his institute which detailed the problems in Swiss bankruptcy laws and the Lehmans case.

“It is too easy for banks benefiting from a government guarantee to then take further risks in the knowledge that depositor interests are safeguarded and that the bank in question may well receive a bailout. In this sense, the principle of Too Big Too Fail could actually heighten excessive risk-taking, rather than disincentivising it.

The case of Lehman Brothers Finance (LBF) shows that Swiss bankruptcy laws need to be improved. 87 different Lehman Brothers settlements have been reached, in jurisdictions across the world. LBF has so far not negotiated a single settlement. This delay risks harming small and retail-level European investors who have invested in Lehmans.

Markus Ferber MEP, Member of the Committee on Economic and Monetary Affairs, agreed:

“ Bankruptcies involving government guarantees, financed by taxes, are a big problem. Bankruptcy laws in Switzerland and everywhere need to be improved. The work the European Parliament has done in setting up banking supervision authorities is very positive, but to avoid another crisis we have a lot of work to do”

Moreover, transparency in these affairs is truly needed as it offers more security and encourages investments. Stricter laws should pass in order to strengthen market discipline and create a transparent sense of responsibility. The Lehman Brothers’ bankruptcy was indeed a big issue worldwide. It was especially outstanding in Switzerland where the Lehman Brothers Finanz AG (LBF) did not achieve any settlement with the counterparties, leaving the investors (including several small ones in Europe) with empty hands.

The European People's Party organized a two-day Congress in Marseilles, France on the 7th and 8th December. The debate on "Moving Europe Forward" outlined  long-term policies and fifteen resolutions of the EPP . Several EU heads of state and government, the President of the European Commission, Josè Manuel Barroso and the President of European Parliament, Jerzy Buzek also attended the Congress and agreed on a five-point declaration for resolving the euro crisis. Nadezhda Neynsky MEP and President of SME UNION of the EPP made a speech on the topic, see the video on the left. 

Europe cannot be two-speed simply because Europe is one.

Some twenty years ago we were faced with the uncertainty of how to overcome division.

Today we face the same dilemma. The euro that we chose to be our common denominator - in all senses - could be our new Berlin wall that stigmatizes Europe's cohesion.

This is not what we agreed to. I led my people towards a united, strong Europe - a Europe that may change the tactics in the face of the unknown but would not back down and hijack the principles of the founding fathers.

I had the privilege of personally overseeing the overthrow of an instrument of separation and isolation - the visa requirements for Bulgarians - and how this injected new blood in somehow unexpected but wonderful ways. Don't tell me this was for nothing.

We made a choice to belong together and we have learnt that the more connected we are, the less we can thrive apart. Growing even closer is likely to make this love-hate-“can’t live without each other” relationship even more volatile. But I can't stress this less - we are also happier and wealthier this way.

We cannot have common policymaking without common politics. We cannot continue sliding on the line of least resistance, hoping that sidestepping legal, moral and emotional obstacles does not create too much loopholes to bring the system down. This, gentlemen, creates a vacuum of expectations, a lack of trust that irreversibly eats away economic progress.

What is decided in the coming days or months is systemically important to our economic development. We are still in control of our common destiny but we have lost sense of what is safe.

I stand before you today in my capacity as president of an organization that represents the small guy, the entrepreneur who pledges in his own right for policymakers to get ahead of the game. Socialisation of the costs did not result in the recovery that the taxpayers exchanged it for. Can we risk disassociation to put us into even greater mess?

On the 22ndof November SME UNION co-organized a day-event with the Turkish Research and Business Organisations, TUR&BO (http://www.turboppp.org/).

“WOMEN ENTREPRENEURSHIP IN TURKEY AND THE EU:  SHARING VIEWS AND BEST PRACTICES” took place in different locations in Brussels and lasted the whole day divided in different sessions.
The aim of the event was to raise awareness among the European policymakers about Turkey's potential with regard to women entrepreneurship, especially in times of widespread financial austerity and discuss the possibilities for increasing the number of women entrepreneurs both for supporting Turkey's socio-economic development and to meet the targets for the sustainable development.

Various Members of the European Parliament were closely involved and European experts on Women Entrepreneurship gave the latest insights of the topic. The Turkish Minister of Customs and Trade, Mr.Hayati YAZICIwas the keynote.

Peter JUNGEN, Honorary President of the SME UNION, chairing the morning session, noted that in these critical times of economic crisis the only way to survive for a country is innovation and entrepreneurship. As Turkey had become the fastest growing economy among G20 countries and by 2050 will be the 12th largest economic power in the world, it is really important that European Institutions to focus on this country.

Mr.Hayati YAZICI, the Turkish Minister of Customs and Trade, started then highlighting the good state of the Turkish economy, with a growth rate of 9%, (the highest income per capita of the OECD countries) and falling unemployment. Women substantially contribute to this situation: women unemployment is only 13% as many of them are independent entrepreneurs and employers themselves. This was facilitated by Turkey’s implementation of some support policies, such as unemployment packages, lower security payments, tax exemptions, micro-credits and governmental co-operatives for women. He concluded with a statement that also the EU-Turkey agreement on the circulation of goods certainly enables faster economic growth. However, the limited movement of persons and services constitutes an obstacle to even more fruitful co-operation. Furthermore, he outlined the on-going undertakings of the Turkish government to encourage and support women entrepreneurs, such as training programs. So far more than 3200 women participated in these projects and benefitted from the programs by setting up a new business and improving them. He also noted that a sustainable development in the economy is only possible if women participate actively in business.

Sandra KALNIETEMEP, author, diplomat and independence movement leader, the next speaking, emphasized Turkey’s special responsibility in the region for supporting women entrepreneurship and referred to Turkey’s fast economic growth.

Monica MACOVEIMEP highlighted the fact of the high level of corruption and as a result of this the importance of supporting “clean” businesses in Europe.

Marko CURAVICrepresenting the European Commission perspective of DG Enterprise stated that regulations for entrepreneurs should be gender blind and women should be supported for setting up their own businesses. 80% of new jobs are created by SMEs and women are the biggest unused potential creating new businesses. As a reason for this he mentioned, that women are less risk takers than men and they are less optimistic about future perspectives before setting up a new business.

A very insightful speech was given byMary PAPASCHINOPOULOU(Association of Northern German Chambres of Commerce and Industry): she firstly emphasized the importance of the fact that men should be involved in the topic of women entrepreneurship. Further she mentioned some on-going undertakings in Germany about connecting women entrepreneurship and family friendly policies. She outlined 3 major projects run by her Association in Europe: first identifying the obstacles in different countries that women have to face before setting up a business; secondly, an internet project which encouraged young women to set up an own business; thirdly a project that emphasize the importance of the role of women in leading positions.

These speeches were followed by some experience-sharing and best practices from Turkish women entrepreneurs. Firstly,Bendevi PALANDÖKEN(President of TESK - The Confederation of Turkish Tradesmen and Craftsmen),Faik YAVUZ (Vice President of TOBB -The Union of Chambers and Commodity Exchanges of Turkey) andMetin SATIR  (Vice President of KOSGEB -  The Small & Medium Enterprises Development Organization) summarized the on-going undertakings of the Turkish government to support and develop SMEs and women entrepreneurship in Turkey. It emerged that the government has a guarantee fund for providing 90% guarantees of costs for women’s start-ups.

The Best Practices were given byDilek SEKER(Owner - Zeytinbagi Organic Farming; Best Practice TESK),Berna ILTER(Owner - BRN bed company; Best Practice TOBB),Nese BOZTEMUR(Consultant - Marca Danismanlik Industrial Consultancy, Best Practice KOSGEB) andHilal UNAL(Owner - Gokser Makina Heating and Drying systems; Best Practice TÜBITAK). These women entrepreneurs shared their experiences and difficulties with their businesses and the obstacles they had to face as a women entrepreneur.

The conference continued in the afternoon with the session in the European Parliament”. This special segment was welcomed and moderated by Mr.Paul RÜBIG, Member of European Parliament and the Honorary President of SME UNION.

Hayati YAZICIsummarized the main points of his morning session’s speech.

Immediately after,Anna-Maria CORAZZA-BILDTMEP, encouraged Turkey to keep with their support measures. At the same time she emphasized the importance of strength and confidence of women entrepreneurs: they do not need charity but just support and they provide what is necessary for society. Finally, she addressed the prejudices and stereotypes which still remain both in the EU and in Turkey. Discussion about Chapters is not enough; we should focus on dialog and changing of attitudes.

Four successful stories of Turkish women entrepreneurs then followed. As they did in the morningDilek SEKER,Berna ILTER,Nese BOZTEMURandHilal UNAL, shared with the audience their inspiring stories.

The participant then had a chance to continue the discussion at the reception held after the session.

On the 19thof October 2011 the SME UNION hosted a Working Breakfast in the European Parliament on the topic ”A new EU budget for economic recovery: how will SMEs fare?”Nadezhda NEYNSKY MEP, the President of the SME UNION, welcomed and moderated the event. An Introduction was given byPaul RÜBIG MEP, Member of the EP Committee on Budgetary Control as well as of the Committee on Industry, Research and Energy and also Honorary President of the SME UNION.

The first keynote speech was given byPer WERNGREN, the CEO of IDE (Hosted Private Cloud) and the past President of theInternational Association Microsoft Channel Partners (IAMCP Worldwide). He noted that an increase in the number of SMEs and growth of the existing ones (19 million) have the potential to bring down unemployment in Europe, acting as a “vaccine”. Later he identified the two main obstacles which face the SMEs which aspire to go cross-border. First, the still existing borders hinder the completion of a unified digital European market; second, the double taxation problem has still not been solved.

Massimo BALDINATO, Member of the Cabinet of Antonio Tajani and Vice-President of the European Commission, responsible for Industry and Entrepreneurship, then took the floor. He outlined the on-going undertakings of the Commission in frames of the SME-friendly policies. Competitiveness and Growth programme, investments and venture capital schemes, advisory services and information actions and simplifying rules– are some examples of a multitude of measures crafted for the very diverse needs of the European SMEs.

Next, the impulse statements were delivered.

Bendt BENDTSEN MEP, Chairman of the SME Circle and a member of the EP Committee on Industry, Research and Energy, pointed out that the access to finance and to markets, as well as the red tape, are the biggest problems facing SMEs. However, another difficulty which will have be overcome is the lack of coherence of different EU instruments.

A very insightful speech was given bySidonia Elzbieta JEDRZEJEWSKA MEP, member of the EP Committee on Budgets. She stated that in order to achieve the objectives of the Europe 2020 strategy, it is crucial that SMEs are involved. It is also important that SMEs are specifically addressed in the budget.

The next speaker wasRomana JORDAN CIZELJ MEP, Member of the EP Committee on Industry, Research and Energy. In her speech she focused on the need for simplification and more coherence of the EU legislation. Moreover, more financial resources should be allocated to innovation schemes. 

Finally,Krzysztof DEBIEC,the Attaché of the Ministry of Economy from the Permanent Representation of Poland to the EU, took the floor. He shared with the participants the very pro-SMEs position of the Polish presidency, and reaffirmed the immense potential remaining in SMEs.

The breakfast ended with a lively discussion with the participants.

On the 6th and 7th of October 2011 Katowice, Poland, hosted the 1st European Congress of Small and Medium Size Enterprises. Its organisers were, alongside with the Chamber of Commerce and Industry in Katowice, Polish Chamber of Commerce, Polish Agency for Enterprise Development and Polish Craft Association. The aim of the Congress was to emphasize the role of SMEs in the process of building an innovative, dynamic economy and identify opportunities and challenges facing their development.

The Congress was attended by representatives of government and self-government authorities, business environment institutions and entrepreneurs. During the two days of the Congress 12 panel discussions took place, in which participated over 100 experts from Poland and abroad. The inauguration was honoured by the presence of the President of the Republic of Poland,Bronislaw KOMOROWSKIand the Congress’ Program Council was presided byJerzy BUZEK, the President of the European Parliament.Nadezhda NEYNSKY, The President of the SME UNION, also attended the conference and gave a speech on “Role of SME in the development of the European Union’s economy.” In addition, Mr.Jerzy SAMBORSKI, the President of Unicorn (SME UNION Polska) delivered an analysis of SME position in Europe.

On September 21st 2011 the SME UNION organized a lunch debate in the European Parliament on the subject of the SME-commerce.The meeting was welcomed byNadezhda NEYNSKYMEP, President of SME UNION and moderated byPaul RÜBIG, the Honorary President of SME UNION and MEP (EP Committee on Industry, Research and Energy).

The keynote speech was given byFabien MANARANCHE, creator and manager of a French company, SAS Mountain Lion©. The small firm is specialised in ecological outdoors clothes for professionals, e.g. hikers. The initial capital was 10.000€ and the sale has been conducted via regular dealers. Stock leftovers are sold via Internet. Both production and sale of the products is limited to European market in order to limit the environmental impact (e.g. pollution tied to transport).

The case of Mountain Lion was an example of the several benefits that the internet can offer to SMEs. These benefits were discussed further byPatricia LAMOTTE, Policy Officer of Unit On-line Services, DG MARKT from European Commission. She started presenting some stats on the differences in performance between SMEs with and without Internet presence. She noted that the former grow twice more rapidly, earn twice more revenue from exports, create more than twice more jobs and have 10% more profitability. SMEs in particular can profit from e-commerce by broadening their market at limited cost. However, take off of e-commerce in Europe is still limited (3,4% of retail sales in EU 27). It might be a result of some challenges that SMEs are still exposed to. These are access to finance, complexity and costs of legal compliance as well as trust issue benefits to well establish brands. One of the already existing legal frameworks is thee-commerce Directive. Another policy response is the Small Business Act planned for adoption at the end 2011 which will address SMEs access to finance and functioning of venture capital funds.

The next reaction was given byLuc HENDRICKX, Director of Competitiveness of Enterprises & External Relations, Legal Affairs Committee, UEAPME. He noted that the web shops are only one of the numerous e-tools which can be used by SMEs. EC plans should be therefore revised and promote also other forms of electronic tools. He also stressed that e-commerce should be regarded as an additional tool for SMEs and not as a goal in itself.

Vincent TILMAN, Senior Advisor of Eurochambres, emphasized the benefits of various online tools. He agreed that e-commerce should not be seen as a separate goal. There are many risks involved in e-commerce such as trust issues, translation difficulties and logistic problems. They should be addressed by legislative framework but in a very careful, not too invasive way.

The speeches were followed by a lively discussion with participation of the audience.

See letter

The General Assembly of the SME UNION held on June 29-th 2011 in Brusslels has electedNadezhda Neynsky, SME UNION Vice-President and Member of the European Parliament as President of the SME UNION andMarian Petre Milut, Vice-President of the SME Union, as Co-President as of August 1st 2011. The General Assembly also electedPeter Jungenas Honorary President of the SME UNION. During the same meeting a new Presidency was elected.

The newPresidencyas of August 1staccording to the Statutes is composed of: 

• Nadezhda Neynsky, President
• Marian Petre Milut, Co-President
• Peter Jungen,Past President (Honorary President)
• Cesare Cocchi, Vice-President
• Siegmar Kühn, Vice-President
• Tomaz Toplak, Vice-President
• Daniel Walther, Vice-President
• Angelika Winzig, Vice-President
• Nelu Neacsu, Treasurer
• Alessandra Bianchi, Co-Treasurer
• Hans Dieter Lehnen, Co-Treasurer
• Dimitar AvramovandBernhard Kösslinger have been elected Internal Auditors