The role of Crafts and SMEs in Europe’s economy and society

Call to Europe III, Conference Paper on innovation and growth in Europe

Gunilla Almgren

The current crisis has demonstrated once again that SMEs act as an important buffer in economic downturns and are much more reluctant to dismiss employees in difficult times. The number of large enterprises that reported a decrease in employment was twice as high as for small enterprises and three times higher than for micro enterprises, which makes SMEs an important stabiliser throughout business cycles.