European SMEs Facing Challenging TimesAbstract:In today’s worsening economic environment, one of the most important roles governments, business leaders, and civic organizations can play is to take action to fuel entrepreneurship. The aims of our paper are to underline in short the importance of small and medium enterprises (SMEs) for the European economic recovery and to present an X-ray of the SMEs sector in the European Union, highlighting the way these enterprises are coping with the various challenges raised by the current economic crisis. The methodological approach is literature review. In spite of the fact that the economic crisis has created a tough climate for SMEs they play an important role in the recovery of the global economy. Above all, the reluctance of the banking system to support ventures and growth seems the worst

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