Publication

This paper describes the positive role the financial industry is playing in developing sustainable small and medium-sized enterprises (SMEs), both in Italy and beyond. More specifically, the paper identifies the instruments that are needed to 1) establish new private equity and venture capital outlets for SMEs; 2) strengthen the ones that already exist; and 3) further develop the pan-European capital market. With private investment playing a major role in supporting SMEs, the EU will then be able build a functioning Capital Markets Union that stimulates growth, promote "active ownership," and create sensible regulatory, tax and competition policies.