the FINANCIAL -- EUROCHAMBRES was pleased with the Statement of Heads of State and Government following the EU Summit on 30 January.
The strong focus on education and training and access to finance for smaller companies suggests that governments are finally committed to deliver pragmatic, tangible measures for growth and jobs.
According to Eurochambres, EU leaders recognised Vocational Education and Training s a key tool for tackling youth unemployment and bridging the skills gap. Importantly, they suggested re-directing EU funds to instruments such as apprentice and traineeships, long considered by Chambers as key.
In relation to business financing, the proposal to use the EU budget to leverage the European Investment Bank financing capacity and thus enhance the capacity of banks to lend to SMEs is of particular importance and in line with an ongoing EUROCHAMBRES-led initiative to establish a European Central Guarantee Fund for loans and equity.
This fund could provide EU-level guarantees both to cover the default risk and to reduce the capital requirements of financial Institutions. The fund that EUROCHAMBRES advocates would be managed by the European Investment Fund and would make guarantees available to all member states, complementing existing national guarantee systems and plugging the gap in member states where guarantee systems are not developed.
EUROCHAMBRES hopes that this summit will prove to be the moment when the member states collectively acknowledged that the pursuit of ambitious growth policies is a critical element in the EU's economic recovery and sustainability.
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