A good many counter-measures have been taken, ranging from monetary policy to the allocation of resources from national and European budgets. More are in the pipeline. Regulatory reforms and the creation of a European Banking Union will help restore confidence in the financial system and in the banking industry.
Once the damage done by such a deep and protracted crisis has been repaired, it will be vital for the prosperity of Europe to build a thriving business environment in which smart ideas can be readily transformed into entrepreneurial initiatives. SMEs are central to long-term economic development in many sectors. SMEs can be, and indeed often are, an engine for growth.