The next item on our agenda is the scrutiny of EU legislative proposals, of which there are eight today. The first proposal for further scrutiny is COM (2011) 834, a regulation establishing a programme for competitiveness and enterprise in SMEs. The SMEs are recognised as a major source of economic growth and job creation in the EU. Promoting the competitiveness of EU small and medium-sized enterprises is a key goal of the Europe 2020 strategy. The proposed regulation will establish a dedicated competitiveness and SME programme to assist in achieving that key goal. The proposed budget allocation for the programme for 2014 to 2020 is €2.5 billion. An important aspect of the programme will be a provision to allow SMEs to access finance more easily. The proposal is welcomed by the lead Department and negotiations on the proposal will continue at EU level during 2012 and 2013.
In view of the potential importance of the proposal for Irish SMEs, it is proposed that it warrants further scrutiny. Do members wish to comment?