SMALL AND MEDIUM ENTERPRISES VULNERABILITIES IN THE CURRENT FISCAL CONTEXT

SMEs in Romania pass through a turning point. They “have acquired" a fragile stability that manifests differently, depending on the size and economic activity sector, or from one region to another. The situation that has been reached is caused, mainly, by entrepreneurs' fiscal obligations to the state and the lack of the state’s policies to encourage , pushing them towards insolvency and high levels of indebtedness. Basically, SMEs are affected by vulnerabilities that prevent them to grow and develop sustainably. In this context, in this paper we intend to highlight the main determinants of SMEs' vulnerability and suggest possible solutions to reduce it within the enterprises activity so that to ensure their financial stability.