Memo: Statement by Commissioner Michel Barnier as proposals to create European funds for venture capital and social businesses are agreed by the European Parliament

Statement by Commissioner Michel Barnier concerning proposals to create European funds for venture capital and social businesses agreed upon by the European Parliament.

The new rules on European Venture Capital Funds and European Social Entrepreneurship Funds create a special EU passport for all operators that invest in start-up SMEs and social businesses. The latter are a key driver for growth in Europe but, since the start of the financial crisis, have faced an increasing funding gap. SMEs contribute more than half of the total value added in the 'real' economy and have provided 80% of all new jobs that Europe created over the past five years. Social businesses represent 10% of all European businesses and employ over 11 million paid employees.

• Primary Source

European Commission: DG Enterprise and Industry: Policy highlights: SMEs: Promoting entrepreneurship http://ec.europa.eu/enterprise/policies/sme/promoting-entrepreneurship/index_en.htm

ESO: Background Information: The European Investment Fund http://www.europeansources.info/record/website-the-european-investment-fund/

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