Press release

24 November 2015

EU associations trio strongly involved with SMEs forge common CMU position

 

Solutions provided to address better access to finance for small- and medium-sized firms in Europe

SMEs should be placed front and centre in European Commission efforts to boost financing activity by further integrating EU capital markets, according to a new common position released today by three European associations particularly involved with SMEs. Savings and retail banking association ESBG, the European accountants federation FEE, and SME trade body UEAPME provide a set of ideas to improve access to finance for SMEs under the Capital Markets Union (CMU).

Deeply committed to supporting Commission CMU work, the trio call on policymakers to recognise that typical SMEs won’t get financing they need from capital markets. Well-advised by professional accountants before seeking funding, small and medium-sized firms will remain reliant on debt-based financing from banks as the primary funding source, they argue, while alternative sources of funding can play a useful and complementary role. In its eight-point joint position, all three welcome the European Commission’s push to reignite the securitization market and to update the Prospectus Directive with a proportionate, tier-based regime for SMEs. They also call on EU bodies to place greater focus on reinforcing banking sector capacity to lend to SMEs.

Related files:
Common position on Capital Markets Union: Improving access to finance for all SMEs

 

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