Topics

• Economic and financial impact of Covid-19 and beyond

  Despite massive fiscal stimulus packages, negative growth rates for GDP are forecasted for Europe. A recovery strategy and path to short- and long-term recovery as well as way to build up resilience need to be identified.

• Green, socially inclusive and sustainable financial policy

  Only together with SMEs, it is possible to shift European's economic development towards more sustainable production processes and consumption patterns that match Europe’s priorities for 2024. Sustainable transition financing and socially responsible banking are at the core of this process, using financial sector as a catalyst for the transformation of the economic system. It will, however, be crucial to refrain from overregulating.

• Financial integration and structure in the EU

  The Euro system has a keen interest in the development and integration of the financial system in Europe. Including and facilitating access for potential market participants is the key to ensure full integration for a given set of financial instruments and services. This needs to be completed in the near future.

• Smart taxation to equalize the playing field

  To assist SMEs effectively and practically, simple taxes must be supported by European regulation. Alongside this, the playing field between SMEs and global corporates as well as between brick andmortar and digital players should be leveled through fair and effective taxation that promotes competition. As the lines between analog and digital blur, SMEs need thoughtful and creative solutions to thrive in these new economic systems.

• Unlocking the digital future of finance

  As the number of payment instruments expands, creating a forward-looking policy framework while promoting technology uptake is crucial to endorse innovation by underpinning European values of transparency and security. SMEs will need to be able to seamlessly integrate all forms of payment into their business processes. The Digital Finance Package is a step in the right direction.

• Unlocking access to finance for SMEs

  Financial inclusion for SMEs is at the forefront of the agenda of the European governments, financial institutions, banking representatives and small business associations. SMEs can and will drive the recovery in Europe. To succeed, they need improved and easy access to finance and funding (this includes Basel III and European financial data space).

• Financial education for informed decisions

  SMEs often lack skills empowering them to stay competitive and up to date regarding funding opportunities. For example, knowledge about credit scores and CCR and its advantages would greatly benefit SMEs. By improving financial literacy and capability-building, we enable entrepreneurs to take the best long-term decisions for their businesses.