The European Commission presented during the SME Week which is celebrating 3-9 October, its 2010 small and medium-sized enterprises (SMEs) report "Are EU SMEs recovering from the crisis?". Although the report confirms that SMEs remain the EU's economic backbone, it also too early for a full-fledged SME recovery as employment by SMEs was still lagging behind.

On the occasion of the SME Week, celebrated from 3-9 October throughout Europe, the European Commission presented its 2010 small and medium-sized enterprises (SMEs) report "Are EU SMEs recovering from the crisis?". The report confirms that SMEs remain the EU's economic backbone. In 2010, there were almost 20.8 million SMEs in the EU non-financial business economy of which 19.2 million were micro-firms with less than 10 employees. Altogether SMEs provided more than two-thirds (87.5 million) of all employment opportunities in the private sector in the EU and 58.4% of the total gross value-added, compared to the 43,000 large businesses representing only the 0.2% of the EU enterprises.

With regard to the number of new employments, the number of employees that started in 2009 (-2.7%) slowed down in 2010 to -0.9%, but is still expected to have resulted in a net loss of more than 823,000 SME jobs in the EU. Micro-enterprises were less hard hit by the recession than their small-and medium-sized counterparts, but have been slower to recover. By industrial sector, SMEs dominate in terms of both GVA and employment in construction, wholesale and retail trade, hotel and restaurants and real estate, renting and business activities.

Antonio Tajani, European Commission Vice-President and Commissioner for Industry and Entrepreneurship, underlined that the fact that the recovery in 2010 was led by SMEs highlights their importance for growth and employment. He also added that Europe needs new innovative and creative entrepreneurs ready to take a risk because it is the main way for recovery. In addition, the report showed that the number of SMEs is expected to rise by 0.9% in 2011 and their gross value-added by 3.9%. The number of SMEs' employees are expected to increase by 0.4% after a two year slump. However, the crisis is not over and SMEs still have to operate in an uncertain economic climate.

The SME Week is an event which has as main aim at boosting SMEs and promoting entrepreneurship, so that more people consider becoming an entrepreneur. Last year, 1000 events were organised in 37 countries between 25 May and 1 June. In 2011, the two main themes are business transfers and offering entrepreneurs a second chance after bankruptcy.