On 19 June 2024, the European Commission published the 2024 European Semester: Spring Package, an instrument used to coordinate the Member States' economic policies to address shared challenges. The package is a set of reports and policy guidance to Member States with the hope of securing long-term competitiveness and resilient prosperity, whilst maintaining sound public finances. For Small and Medium-sized Enterprises (SMEs), these policies are particularly relevant, offering pathways and tools to enhance competitiveness and growth.

The Spring Package calls on Member States to promote competitiveness and increase their productivity, notably through ensuring a supportive business environment, ensuring that SMEs can take full advantage of the opportunities of the Single Market. Access to finance is also important for SMEs, facilitated by improving savings allocations and capital financing, and by facilitating alternative and capital market forms of financing. 

Another key aspect of the Spring Package is its emphasis on tackling labour and skills shortages, and increasing digital skillsets to embrace technologies such as artificial intelligence to build an efficient, skilled, and resilient workforce. The guidance includes recommendations to improve educational outcomes and support skills development, ensuring that SMEs have access to a skilled workforce necessary for innovation and growth. 

Additionally, the Spring Package supports SMEs in their access to finance, proposing measures to improve savings allocation, facilitate capital market access, and provide alternative financing forms. These steps can help companies secure the capital needed to invest in growth and innovation, driving their competitiveness and long-term success.

Find out more about the Spring Package here.