The European Commission has published a paper for public debate on the Single Market Act
The paper reviews the single market as being an important factor in enhancing Europe’s international competitiveness and suggests the single market creates advantages for businesses and citizens in their day-to-day activities.
The European Commission adopted the Single Market Act in October 2010 and the act consists of 50 policy proposals that are being submitted for public debate for a four-month period. Following the debate the Commission will work in partnership with a number of institutions to ensure the delivery of fresh actions by the end of 2012.
The public debate proposes for small and medium sized companies that the single market must create a legal environment favourable to the foundation and development of SMEs. The proposal suggests three indications for positive change in the future for small to medium sized companies:
- The Commission will adopt an action plan for improving SME access to capital markets in 2011.
- The Commission will access the Small Business Act by the end of 2010 with the aims of ensuring ‘Think Small First’ principle is implemented in both policy and legislation procedures.
- The Commission will propose a review of the accounting directives in 2011 to simplify financial reporting obligations.
The Quoted Companies Alliance will be submitting a response to this paper that emphasis the importance of the SME proposals and the need to prioritise them to ensure economic recovery.