Firms in the MSME sector which earlier faced difficulties in achieving economies of scale, specialization and innovation due to their small size are now increasingly benefitting from the advent of industrial clusters. Several regional organizations have taken up cluster-based projects to promote smaller firms and this is where lies an opportunity for the banks.
Against this background we very much support the Commission’s plans to assess possible options for strengthening the EU legal status of the Level 3 committees as well as to underscore the responsibility of national supervisors to contribute to EU cross-border convergence and cooperation by introducing a respective reference in their national mission statements.