MEPs adopted a resolution on the new programme for SMEs (known as COSME) which explicitly sets as goals to reduce the number of days to set up a new SME to three, cutting start-up costs to €100 and having a one-stop shop for business start-ups in all member states.

The main aim of the new programme for SMEs (known as COSME) is to cut red tape and facilitate access to finance for EU enterprises. The Industry, Research and Energy Committee in the European Parliament adopted a text which sets as goals within this new programme to reduce the number of days to set up a new SME to three, cutting start-up costs to €100 and having a one-stop shop for business start-ups in all member states. In May 2012, the Council reached an agreement on the essential elements of the Business Competitiveness and SME programme for 2014-2020.

MEPs voted for 60% of the €2.5 billion budget earmarked for the new programme to be allocated to financial instruments. They insisted that all SMEs, not just innovative ones, should get funding at every stage of their life-cycle. MEPs also adopted an amendment asking for at least 0.5% of the total long-term budget for 2014-2020 to be allocated to the implementation of COSME, up from the 0.2% proposed by the Commission.

The COSME programme would also support initiatives with "clear European added value" in the field of tourism, which contributes 10% of EU GDP and 12% of the EU's total employment. The vote provides a mandate to start negotiations with the Council with a view to a possible first-reading agreement on this programme.