The European Commission presented some measures which pretends boosting entrepreneurship and responsible business. Among the measures, the Social Business Initiative, that according to the Commission will help this emerging sector to fulfil its unexploited potential.

In order to reach a more sustainable and economic growth in Europe, it is needed to promote a responsible approach to business and entrepreneurship. This is what the European Commission pretends with a package of measures recently presented to support entrepreneurship and responsible business. For example, it is important to cut red tape for SMEs. The Commission aims to reduce the administrative burden for small companies by proposing to amend the Accounting Directives (78/660/EEC and 83/349/EEC). According to the Commission, simplifying the preparation of financial statements would also make these more comparable, clearer and easier to understand. It would also allow users of financial statements such as shareholders, banks and suppliers to gain a better understanding of a company's performance and financial position. Potential cost savings for SMEs are estimated at €1.7 billion per year. In addition, under the proposed revision of the Transparency Directive (2004/109/EC), listed companies, including small and medium-sized issuers, would no longer be obliged to publish quarterly financial information. This would contribute to further cost savings and should help to discourage short-termism on financial markets.

On the other hand, the Commission presented the Social Business Initiative. This Initiative is accompanied by an ambitious strategy for Corporate Social Responsibility to generate a higher level of trust and consumer confidence and improve companies' contribution to society's well-being. Both initiatives reinforce Commission efforts to engage with the private sector on social and environmental issues, especially relevant in times of public budget constraints. The Commission is also proposing to improve transparency and promote sustainable business among multinationals. Mining and forestry companies would have to be more open about taxes, royalties and bonuses paid worldwide.

The package of proposals for more responsible businesses follows up on the Single Market Act launched in April 2011, in which the Commission laid out twelve levers to re-launch the Single Market for 2012 for sustainable, smart and inclusive growth. Two of the key actions identified were the creation and development of small and micro enterprises, by introducing smart regulation and cutting red tape, and the creation of an eco-system conducive to the development of social entrepreneurship.