Public Policies Regarding SMEs in Romania

At European level and beyond, small and medium-sized enterprises (SMEs) are considered to be a key factor for growth, innovation, employment and social inclusion. The flexibility and adaptability of the SME sector are key features to overcome economic crises and are extremely relevant to the current recession. Recognizing the crucial importance of SMEs in economic development, the European Union adopted in 2008 the Small Business Act, which sets out a strategic agenda to create a SME-friendly climate and enable the boosting of entrepreneurial energies at European level. The emphasis on entrepreneurship and on the role of SMEs is resumed in the Europe 2020 strategy, which seeks to open the single market for small entrepreneurs correctly. In the case of Romania, public policy recognizes the importance of SMEs, with various support instruments, both directly, through national and European funds, and indirectly, by shaping a favorable regulatory framework. However, current SME policy is a mix of contrasting issues, given that annual amounts are being invested consistently with Romania's GDP, but there is no consensus on efficiency or results. Against this background, at the initiative of the National Prognosis Commission (CNP) and with support from the European Social Fund, there was a clear need to deepen the contribution of the SME sector to economic growth. Such an approach highlights the need to duplicate qualitative "impressions" (perceptions surveys, expert opinions, etc.) with quantitative methods, from statistical and econometric tools, capable of validating new policy approaches or outlining new estimation methodologies of the major medium-term trends. After overviewing the ideas presented above, the following paper was developed as a sum up of the actual situation in the SME' development path at Romanian and European level.