Economy, People and SME

How will the economic concerns of working people and small businesses across the EU be addressed and met?

The Presidency realises that now is the time for growth and the creation of job opportunities. That is part of our greater ambition to work towards a more competitive and effective Europe, which will do more for its citizens, and for small business. SMEs form the backbone of the European economy and it is necessary to ensure security and growth for them. The EU has launched numerous proposals aiming to enhance competitiveness and growth. As I have already mentioned, key issues which will be promoted during the Presidency are the initiatives of the SingleMarket Act, which includes, inter alia, proposals for facilitating SMEs access to finance, reducing the regulatory and administrative constraints, simplifying accounting standards and giving to venture capital funds a passport, so they can invest in SMEs in other member states. The overall aim is the creation of a simplified, attractive and business friendly environment, promoting the competitiveness of SMEs.

Special emphasis will be given to promote youth employment, as it is also one of the main concerns of the European Council. That priority will address issues related to training opportunities, quality employment, working conditions, as well thematching of the qualifications and expectations of young people with the needs of the economy and of the enterprises. Europe needs to find the means to unleash the largerange of unexplored potential which lies throughout the Europe, as this is necessary to stimulate growth.

Andreas Mavroyiannis, Deputy Minister to the President of the Republic of Cyprus for European Affairs, talks to Marcus Papadopoulos about the impending Cyprus EU Presidency -