Two of the four macroeconomic adjustment programmes, Portugal and Ireland’s, can be considered a success in the sense that the initial expectations in terms of adjustment, both fiscal and external, were broadly fulfilled. A rebound based on exports has taken hold in these two countries, but a...

Small and medium-sized enterprises (SMEs) play a crucial role in innovation, economic growth and job creation. Generally, SMEs face special problems when trying to access funding. Their situation is further complicated by the European economic crisis and a fragmentation of financial markets in...