European regulatory changes will make banks less willing to lend to SMEs
Bank financing is currently the most important external source of funding for small to medium-sized enterprises (SMEs) in Europe. Bank loans make up around 70% of external financing – much more than in the US, where bank loans constitute around 40% of external funding for SMEs. This dependence has arisen historically and has also been supported by the ECB’s monetary policies on credit availability since the last crisis.
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