EU leaders call for pan-European VC regime

Amy King
21 February 2012

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Ahead of a summit on 1st March, David Cameron has joined 11 other EU leaders in a letter calling for the EU's economic policies to shift their focus from tough austerity cuts to growth-stimulating measures.

The letter, which includes suggestions to boost venture capital on a pan-European scale, was drawn up by Britain and the Netherlands. France and Germany are not counted among the signatories.

The fourth section of the eight-part letter states that the EU must double its commitment to innovation through the establishment of the European Research area, creating an ecosystem to foster entrepreneurship and innovation. Leaders have asserted the need to facilitate and increase access to venture funding for SMEs, "by creating an effective EU-wide venture capital regime which allows venture capital funds to operate on a pan-European basis, assessing a proposal for an EU venture capital scheme building on the EIF and other financial institutions in cooperation with national operators."

The letter also calls for the liberalisation of the services market, the creation of a single digital market by 2015 and further economic integration with the US. Mario Monti's signature marks the second time in a month that the Italian Prime Minister has criticised Northern Europe's austere approach to economic policy.