Europe’s twenty-four million small and medium-sized enterprises (SMEs) represent 99% of all businesses and two-thirds of private sector jobs in the EU. They are fundamental to the European economic and social fabric, driving Europe’s green and digital transitions and underpinning our long-term prosperity.
SMEs continue to face volatility and unpredictability, as well as supply constraints, labor shortages and often unfair competition and unequal conditions when doing business in Europe.
Delays in payments in commercial transactions impede investment and growth and contribute to uncertainty and mistrust in the business environment. According to the recent SME Performance Report, SME value added in 2023 is expected to remain 3.6% below its 2019 level (compared to 1.8% for large enterprises). , while employment in SMEs has barely recovered to pre-crisis levels.
As Conpymes explains, “we are very proud to have been one of the great promoters of the standard that will reduce payment terms in the private sector throughout Europe, benefiting SMEs and the self-employed, who are the ones who suffer the most from the consequences of the delinquency.”
You have more information about the new European regulations in this link.
