700m (£521.3m) support initiative for small and medium-sized businesses

The European Commission has launched a new 700m (£521.3m) support initiative for small and medium-sized businesses as part of its strategy to help bolster economic growth and safeguard member states from future threats of turmoil in the global financial markets.
The EC's new SME support system, called the Enterprise Europe Network, aims to offer a "one-stop-shop", where entrepreneurs across Europe can seek advice and benefit from a range of business support services on offer by the EC.
Its launch is a direct response to the region's darkening growth prospects, acknowledged last week by Jean-Claude Trichet, the European Central Bank's president, who at the same time opened the door to interest rate cuts in the coming months.