There is growing consensus that it will prove impossible to lead the EU out of crisis without stimulating sustainable growth. For example the recent downgrading of Spain is already mainly driven by the
lack of growth perspectives in the near future. A downward spiral for banks, enterprises and consumers needs to be urgently avoided. A widespread resolution of the sovereign debt crisis will only
succeed with a significant growth impulse. To ignore this is not only bad arithmetic and worse economics, but also ignores the clear lessons of history.
There is the need for an additional growth-promoting financing strategy which:
- produces rapid and significant effects;
-enhances productive capacity, encouraging present and future sustainable growth by financing
economically sustainable projects and activities;
- supporting the growth of both existing and new competitive small and medium sized enterprises.
Particularly these enterprises are suffering severe lack of access to private credit, which has been
stagnating during the crisis or, worse still, declining.