SMES' ACCESS TO FINANCE: AN EUROPEAN PERSPECTIVE

The paper presents a complex analysis regarding a top European priority: European SMEs and their access to finance. The first part of the paper reflects the macroeconomic situation and the challenges faced by the European SMEs in financing their activities. Relevant aspects from the related literature and research are included in the first part. The second part of the paper presents the research data and methodology, based on the Value at Risk analysis and two relevant surveys, developed by the European Commission and the European Central Bank (Bank Lending Survey and SAFE). The third part of the paper shows the analysis and empirical results of the quantitative study, based on two categories of factors (macroeconomic and business sector level), for a selection of six European countries (Austria, France, Germany, Italy, Portugal, Spain), during a period of eleven years (from 2003 to 2014). The paper also adds a qualitative analysis in the third part, by mixing quatitative and qualitative instruments. The last part reflects our concluding remarks, which may support future policy actions. SMEs represent a strategic sector, both for every individual European economy and for Europe. Improving the SMEs' access to finance represents a catalyst for growth.