The front cover of The Economist magazine in the same week asked “Is this really the end?”, set against an image of a burning 1 euro coin hurtling towards oblivion. What changed in this time? In my view, the explanation is actions taken at three levels. First, Member States recognised the seriousness of the situation and implemented major reforms.
There are many that argue, including those in our region, that globalisation has very limited impact on small and medium enterprises in the developing countries compared to those in the developed economies.