Dear EFAA member,

For your information:

As anticipated end of October (see below), the European Commission has released on 26 November its recovery plan for growth and jobs (attached).

The European Economic Recovery Plan is built on two key pillars:

-          “A major injection of purchasing power into the economy, to boost demand and stimulate confidence. The Commission is proposing that, as a matter of urgency, Member States and the EU agree to an immediate budgetary impulse amounting to € 200 billion (1.5% of GDP), to boost demand in full respect of the Stability and Growth Pact.

-          The second pillar rests on the need to direct short-term action to reinforce Europe's competitiveness in the long term. The Plan sets out a comprehensive programme to direct action to "smart" investment.”

Unfortunately the EC keeps going with the idea of removing accounting requirements for micro-enterprises:

“The Recovery plan will build on the Small Business Act to provide further help for all SMEs, including among other things removing the requirement on micro-enterprises to prepare annual accounts, (…).”

EFAA, by participating in the DG Internal Market working group on the 4th Directive and by keeping the pressure high on the Commission and the European Parliament, continues lobbying against the introduction of exemption for micro entities.

Link to the Press Release:

http://europa.eu/rapid/pressReleasesAction.do?reference=IP/08/1771&format=HTML&aged=0&language=EN&guiLanguage=en

With kind regards,

Marion

_______________________________________________

Marion Cugnet

European Federation of Accountants and Auditors for SMEs

Rue Jacques de Lalaing, 4

B-1040 Brussels

T +32 (0)2 736 88 86

F +32 (0)2 736 29 64

marion.cugnet@efaa.com

www.efaa.com

EFAA, the European Federation of Accountants and Auditors for small and medium-sized enterprises, is the umbrella organisation for national accountants and auditors’ organisations whose individual members provide professional services primarily to SMEs. EFAA has 13 members throughout Europe representing over 200,000 accountants and auditors.

Dear EFAA member,

For your information:

As its contribution to the current European and international debate on the financial crisis, the European Commission has adopted yesterday a communication “From financial crisis to recovery: A European framework for action” (attached), which will be followed on 26 November by a comprehensive EU recovery plan, based on the framework approved yesterday. It will include targeted short-term actions to add to the medium-term reform agenda under the Lisbon Strategy for Growth and Jobs.

The Communication “From financial crisis to recovery: A European framework for action” is divided in 3 parts:

-          A new financial market architecture at EU level

-          Dealing with the impact on the real economy

-          A global response to the financial crisis

Extract: “DEALING WITH THE IMPACT ON THE REAL ECONOMY: A FRAMEWORK FOR RECOVERY

The impact of the credit crunch on the wider economy will be felt in rising unemployment levels and reduced demand for the goods and services of companies of all sizes. The policy instruments for dealing with employment and stimulating demand are mainly in the hands of the Member States. However, the EU dimension brings added value to national actions. As the positive results of the Lisbon strategy have shown, where Member States and the Commission work in partnership to create growth and jobs considerable additional benefits can be delivered.

However, in the current crisis the EU needs to adapt the medium to long term measures of the Lisbon strategy to take account of the crisis. It needs to add short term actions to its structural reform agenda, while continuing to invest in the future through:

• Increasing, investment in R&D innovation and education;

• promoting flexicurity as way of protecting and equipping people rather than specific jobs;

• freeing up businesses, especially SMEs, to build markets at home and internationally;

• enhancing European competitiveness by continuing to green our economy as a way of creating new jobs and technologies, overcoming our energy security constraints and achieving our environmental goals.

(…)

The Commission will explore with the Member States the following measures:

• Following the informal ECOFIN last month, the European Investment Bank Group put together an overall package of €30bn for loans to small and medium-sized enterprises in Europe granted via commercial banks. This constitutes a substantial increase over its usual lending in this sector but has to be implemented with urgency;

• Maintaining and creating new export opportunities for EU business, including SMEs, through a pro active market opening agenda, including pursuing trade agreements and our market access strategy.”

Please do not hesitate to contact us for further information.

With kind regards,

Marion

_______________________________________________

Marion Cugnet

European Federation of Accountants and Auditors for SMEs

Rue Jacques de Lalaing, 4

B-1040 Brussels

T +32 (0)2 736 88 86

F +32 (0)2 736 29 64

marion.cugnet@efaa.com

www.efaa.com

EFAA, the European Federation of Accountants and Auditors for small and medium-sized enterprises, is the umbrella organisation for national accountants and auditors’ organisations whose individual members provide professional services primarily to SMEs. EFAA has 13 members throughout Europe representing over 200,000 accountants and auditors.