Transforming our industry

Three drivers will transform our industry, support our small and medium-sized enterprises (SMEs) and keep Europe sustainable and competitive. They are

  • the Green transition, with the European Green Deal being Europe’s new growth strategy
  • the Digital transition, which allows industry and SMEs to be more proactive, provides workers with new skills, and supports decarbonisation of our economy
  • competitiveness on the global stage, where Europe must leverage the impact of its single market to set global standards

 

The single market

The single market gives EU businesses a large domestic market, stimulating trade and competition, and improving efficiency. Its better integration and functioning could generate further growth in many areas, such as

  • manufactured goods: an additional €183 to €269 billion annually
  • services: an additional €338 billion annually

This represents a rise in EU GDP of approximately 12%.

Competition policy is a cornerstone of the single market. It makes companies more competitive, contributes to a level playing field, drives innovation and gives consumers more choice. It is crucial that EU competition rules are kept fit for a changing world.

 

  • people icon
    56 millionEuropean jobs created
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    8% - 9%added to EU GDP
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    > 80% of all exporting SMEs sell to other Member States

 

 

Unleashing the potential of SMEs

Small and medium-sized enterprises are essential to Europe’s competitiveness and prosperity. Based on the new SME Strategy, the EU will support SMEs by

  • encouraging innovation through new funding and digital innovation hubs as part of the sustainable and digital transitions
  • cutting red tape by reducing barriers within the Single Market and opening up access to finance
  • allowing better access to finance by setting up an SME Initial Public Offering Fund (with investments channelled through a new private-public fund) and the ESCALAR initiative (a mechanism to boost the size of venture capital funds and attract more private investment)

 

Documents

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