small and medium enterprises - the engine of regional development in romania

University of OradeaFaculty of History, International Relations, Political Science and CommunicationSTUDY PROGRAMME: EUROPEAN STUDIESFORM OF EDUCATION: FREQUENCYSmall and medium enterprises - the engine of regional development in RomaniaSCIENTIFIC COORDINATOR Associate professor LUMINITA SOPRONIGRADUATE LUCIAN NEGREAN MARIUS ORADEA2015ContentINTRODUCTION.....................................................................................................................4CHAPTER 1. Regional development of Romania in the European context.......................71.1 Definition of SME....................................................................................................71.2 Micro and Medium Enterprises.............................................................................81.3 European development policies..............................................................................91.4 Attracting European funds...................................................................................12CHAPTER 2. Regional development in Romania - the North West region......................142.1 Categories of business in Romania......................................................................142.2 Contribution to regional development.................................................................15CHAPTER 3. The evolution of small and medium enterprises in Romania.....................18 3.1 Development of SMEs from the 1990s until present..........................................183.2 Development of European jobs - European funds advisor................................223.3 Institutions created to support SMEs..................................................................253.4 Regional Investment in Romania.........................................................................28CONCLUSION........................................................................................................................33Bibliography............................................................................................................................36 INTRODUCTION The business environment in Romania is in a continuous growth and development. There are businesses that fail and business that enjoy prosperity. In Romania the small and medium enterprises began to develop private sector in the past decade. In the 90` then privatization of state companies were a big part of the business made after fall of communism and the development of the liberal regime in a democratic society where economic factors are those which dictate the level of development of the state and the prosperity of society. The development of the businesses is contributing the most to the economy of a country, which is the most important pillar that supports a prosperous economy and regions, in which the state creates a framework necessary and appropriate for companies to develop, there is a healthy and prosperous economy that offer benefits to all, from contractors, state and citizens of the state. Each state operates after their policies in term of social, economic, cultural, environmental and political environment that may be conducive to entrepreneurship, or policies that impede business development. To make a long and prosperous development, to attract more investment from investors and capitalists, the state need to create a framework to represent business opportunities for the investors. Just to underscore the importance of the framework created by the state for business development, will offer a very developed state, example a decade due absorbing investors worldwide and the biggest multinationals in the world, which is a very large region of Asia, namely China .

Governments around the world have responded in a variety of ways. To assist SMEs in particular, policymakers attention has focused on supporting working capital, easing access to finance, implementing a better regulation agenda, and encouraging SME investment in new technologies or markets.

Entrepreneurial environment is the core of any economy of the XXI century. It is the factor that contributes the greatest proportion in local development, but even regional and global. The privatization process started in 1990, and proved to be more complex and difficult. In the beginning was slow, characterized by lack of political will, the Romanian mentality inherited from the old regime, the institutional problems of a slow establishing the necessary legal framework. Romania's accession to the European Union implies new challenges for the enterprises of small and medium category. Challenges that are imposed by the requirements of the internal market and at the same time creating new development opportunities through access of SMEs to reimbursable financial assistance from the Structural Funds. Programs that provides funding enterprises began to turn their attention to advising and supporting the newly established enterprises of. For small and medium-sized enterprises, which are in start stage, the main problem is access to financing funds. One barrier is the reduced ability to develop entrepreneurial sphere and limited funds. Because of this EU is funding middle and small entrepreneurial programs. European Union since the beginning of its construction sector looked small and middle as a tool for achieving the goals in developing countries through economic growth, job creation, developing stagnant sectors. European Union funding, operational programs and through European projects are most favorable opportunities for the business environment in Romania, especially for business startup type.

The work structure is divided into the following three chapters:

1) Regional Development of Romania in the European context, the chapter described the impact they have on regional development policies of SMEs and the way the EU funds for regional development and European funds.

2) The second chapter Regional development in Romania - North West Analyze the importance of economic growth as an indicator for the development of a region, a competitive economy is the answer for modernizing and reducing balance of a region.

3) And the third chapter Evolution of SMEs in Romania, after the fall of Communism describes entrepreneurship and private sector development, which have difficulties due to lack of experience but new entrepreneurs and investments occurring in Romania through various programs and investors.

CHAPTER 1. Regional development of Romania in the European context 'Category of micro, small and medium enterprises (SMEs) is made up of enterprises which employ fewer than 250 persons and having an annual net turnover of up to EUR 50 million and / or total assets debugger to 43 million ".1.1 Definition of SME Micro, small and medium enterprises (SMEs) play an essential role in the European economy. They are a source of entrepreneurial skills, innovation and job creation. In the enlarged EU of 25 countries, some 23 million SMEs provide around 75 million jobs and represent 99% of all enterprises. However, they are often confronted with market imperfections. SMEs often have difficulties in obtaining capital or credit, particularly in the start-up phase. Their limited resources may also reduce access to new technologies or innovation. Therefore, support for SMEs is one of the European Commission's priorities for economic growth, job creation and economic and social cohesion."Small and medium enterprises and micro enterprises (SMEs) are the engine of the European economy. They are an important source of jobs, contribute to the development of entrepreneurship and innovation at EU level, thus having a crucial role in increasing competitiveness and employment levels of the workforce. The new definition of SMEs, which entered into force on 1 January 2005, represents a step forward in improving the business environment for SMEs and aims to encourage entrepreneurship, investment and growth. This definition was developed after wide consultation of stakeholders in the activities of SMEs, which proves that listening to SMEs is a key factor for the successful achievement of the Lisbon objectives. "An enterprise carries out one or more activities in one or more places (offices - local units of the enterprise). Conventionally, businesses are treated as individuals, authorized individual and family enterprises carrying out economic activities based on free initiative law, public institutions and NGOs.1.2 Micro and Medium Enterprises

In the European Union, the role of small and medium enterprises (SMEs) remains a fundamental one for the contribution they have to job creation (66.7%) and contribution to gross value added in the economy (58.6%). Beyond quantitative arguments, SMEs are an engine of economic growth because most of them are characterized by dynamism, flexibility and innovative force, able to quickly grasp market trends and adapt on the fly to changes in the economy. Also, entrepreneurship and creativity are valued easier in small firms, which open new paths to economic and technological progress, SMEs are the real promoters of innovation and change. In the past five years, the 23 million SMEs in the European Union (EU) have provided 87.5 million jobs and 80% of new jobs created. In addition, 13% of SMEs are present in commercial international trade through activities and internationalization, investment or other forms of cooperation with foreign partners.

Micro, small and medium enterprises defined by number of employees and turnover or annual total assets.

A medium-sized enterprise is defined as an enterprise which employs fewer than 250 persons and whose annual turnover does not exceed EUR 50 million or whose annual total assets not exceeding 43 million EURO.

A small enterprise is defined as an enterprise which employs fewer than 50 persons and whose annual turnover and / or annual total assets not exceeding 10 million.

A microenterprise is defined as an enterprise which employs fewer than 10 persons and whose annual turnover and / or annual total assets not exceeding 2 million.

Regional development is a new concept that aims at stimulating and diversifying economic activities, stimulating investment in the private sector, contributing to decreasing unemployment and do not ultimately lead to an improvement in living standards. To be applied to regional development policy were established eight development regions, which comprise all over Romania. Each development region comprises several counties. The development regions are not administrative-territorial units, have no legal personality, the result of an agreement between the county and local.Regional development policy is one of the most important policies and most complex of the EU, a status that stems from the fact that its aim of reducing economic and social disparities between the various regions of Europe, acting on some significant areas for development such as economic growth and SME sector, transport, agriculture, urban development, environmental protection, employment and training, education, gender equality etc. Designed as a policy of solidarity at European, regional policy is mainly based on financial solidarity, redistribution a part of the Community budget contribution made by Member States and regions to poorer social groups.Through its objective of reducing economic and social disparities that exist between different regions of Europe, the SME sector are opening the door to opportunities for sustainable development through absorption funds. European funds provide a major contribution to the development of the SME sector by developing the doors of eligible projects by business owners. It is a development tool that provides businesses the opportunity to develop to the next level. 1.3 European development policies The primary goals of regional development policy are: reducing regional imbalance, especially by stimulating balanced development and the revitalization of disadvantaged areas (lagging behind in development); prevention of new imbalances; meeting the criteria for integration into the European Union and access to financial assistance instruments for member states (structural funds and cohesion); correlate the governmental sector development policies; fostering interregional cooperation, domestic and international, that contribute to economic development that is in accordance with the law and with international agreements signed by Romania.For Romania, the European funds will continue to be one of the most important tool that will be used to reduce disparities and promote economic growth at regional and local level, enhancing competitiveness and increasing employment, benchmarks of Union European. It is recognized that these goals possible by providing an environment conducive to investment, establishment of new companies or be contributing significantly to the development of creating new jobs and generating added value. In this context, the use of structural support for the period 2014 - 2020 the aims are to create conditions for the improvement and steady development of business, having as main objectives.In order to support the SME sector in Romania, the legislation provides a series of concrete measures directed on the following major areas:

to create a favorable environment founded by their country and developed country et SMEs by: simplifying administrative procedures; promote SME access to public services, to the unused assets to commercial companies ACROSS state, , consulting your ASSISTANCE;

the area finance development programs;

ACROSS facilities providing economic and financial, fiscal and banking;

Coordinating, monitoring and evaluation of policies by the government and the programs to SMEs.

Regional development policy in Romania is based on a number of key documents, namely the National Development Strategy and its Implementation instrument - the National Development Plan, drafted on the basis of regional development plans. Based on them are created the Operational Programmes (OP) regional and sector employing, seven major priority axis for regional development in Romania, as follows: 1. Development of productive sector and related services, strengthening competitiveness economic activities and promoting the private sector; 2. Improving and developing infrastructure; 3. Strengthening human resources potential, capacity to labor adapt to market requirements and improving the quality of social services 4. Support for agriculture and rural development; 5. Protect and improve the environment; 6. Stimulation of scientific research and technological development, innovation, communications, information technology and creation of the information society; 7. Improving economic structure of regions, supporting regional balanced and sustainable.Regional Development Plan (RDP) reflects development policies in line with the potential and needs to region, is a strategic basis to substantiate funding programs for the period 2014-2020. This also applies to both external funds (EU) and domestic (national / governmental, regional, local). This document promotes intra and inter-regional complementary. Thus, we can say that the Partnership PDR is equivalent to region, allowing the inclusion of measures and projects of regional funding programs for the next period (provides substantiation required for major intervention areas and for borrowing requirement regional and local interest projects), regardless of their funding sources (regardless of the operational program that offers funding opportunities). 1.4 Attracting European funds Regional development policy is highly instrumental, and its solidarity Funds (Cohesion Fund and structural funds, the Solidarity Fund) contributes to the financing of other policy areas - such as agricultural policy, social policy, environmental policy. In addition, regional policy is correlated with the EU enlargement policy, creating special funds for pre-accession Phare (support fund for economic reconstruction), ISPA (instrument for structural policies, which prefigures the Cohesion Fund) and SAPARD ( special program for agriculture) that are available acceding countries and is supported by their transition to the standards and organizational structures of the EU. The complex character of regional development policy is underlined by the way in which it integrates three of the priorities of EU economic and social cohesion, extending the principle of subsidiarity and sustainability.In the period 2014-2020, Romania can contribute to the development by absorption of European funds: the Regional Operational Programme 2014-2020 and 2014-2020 Territorial Cooperation Programmes Source: Ministry of Regional Development and Public Administration, Regional Operational Programme 2014-2020As can be seen in tabel1, total funding for Romania in the period 2014-2020 are considerably increased compared to the total amount Rural Operational Programme, currently being almost double. The date are gratifying for Romania because it opens many development opportunity, but only by creating eligible projects wich can be absorbed buy the SMEs.A tool for absorbing European funds through which every citizen contributes to the European fund of a member state of the European Union comprising 28 member states, is VAT. Total added value to any product or service, the amount of money that reaches the state budget EU and state grants a percentage. VAT is the means by which the state participate in collecting funds from the European Union, which then converts to European funds which Member States get from development projects. Of course there is a difference in budget contribution to the absorption of European funds and funds between countries and this verdict is defined depending on each state need to develop. For example, Romania has the advantage in that the contribution of European funds because is not huge but opportunities for European funds are very high because it is a country where exists a large imbalances in regional development. Attracting European funds for opening or development of SMEs in the private sector is of many types and depends on the activity of the business. Romania is favored in European funds for agriculture sectors due to large uncultivated land surfaces and due to large surface km2. Another sector that has the advantages of getting older is rural development, namely the construction of sewerage, roads and bridges sector, which attracts a growing number of European funds every year because there is a discrepancy between large urban area and region Countryside. CHAPTER 2. Regional development in Romania - the North West regionIn accordance with the current scale of values, economic growth is the most important indicator for revealing the degree of development of a region. For this reason, creating a competitive economy is the key factor in the modernization of the region.2.1 Categories of business in Romania Country-specific economic structure - determined by its level of development, its evolution and historical typology of specific regulatory mode of social life (the impact on public services) - influence the evolution and importance at a time, the private sector. Romania member state of the European Union, but the issue of ownership is not fully clarified. The privatization process has not ended. At the same time, Romania is now among the countries with has the highest foreign investment flows and capital structure changes. Therefore an estimate of the future development of the private sector's contribution to GDP creation correlated with expected changes in capital structure is likely to highlight the convergence of Romanian economy structures in other EU member states and from this point of view.SMEs are the institutions developed by private sector entrepreneurs, which offers a significant growth and regional development, through the taxes they pay to the state due to the actions they undertake. Private sector business in Romania includes the following three categories of founding companies: authorized person (PFA), Small and Medium Enterprises (SMEs) and multinationals. Following EU accession, the number of multinational development that have opened branches in Romania increased significantly, due to the opportunities that have emerged - especially on the labor market by reducing the cost of manufacturing and production due to low salaries. 2.2 Contribution to regional development Ensuring social comfort of citizens should be the permanent concern and priority of any government, at whatever level it. To overcome the gap that Romania has for Europe is needed, based on current administrative - territorial organization, seeking to devise new ways and forms of action and decisions to bring public services closer to citizens (on a European the subsidiaritii1) and determine more efficient use of existing resources: local resources, government funding and European programs.Moreover, the importance of regional development is recognized by the European Union ,, Territorial Agenda 2020 - towards a smart, sustainable and inclusive growth of Diverse Regions' (2011) which states: ,, believe that the objectives of the European Union defined in the "Europe 2020 Strategy for smart, sustainable and inclusive growth '(COM EC, 2010) can be defined only if it takes into account the territorial dimension of the strategy, as development opportunities vary from one region to another.

As a field, trade remains mostly for SMEs in Romania, with a share of almost 40% of the total number of firms, while the EU average is 28%.

Since the beginning of the transition process in countries of central and eastern Europe, economies have undergone dramatic changes. Large state companies were privatized and thousands of employees became unemployed. The changes were particularly dramatic in countries like Bulgaria, Romania, Slovakia and the Czech Republic due to lack of private entrepreneurship before the economic reforms. This could only be offset by creating small and medium enterprises.

In the context of new policies to revival European industry highlights another positive aspect of public sector, Romania with many SMEs in manufacturing, their share exceeded the average for the UE28 (respectively accounting for 11.9% of the average 9 6% in the EU). Also, Romania is among the few European countries with notable achievements in terms of values exceeding pre-crisis indicators of industrial production in general and the second in Europe (after the Czech Republic) the share of industry in creating added value.

The business environment continues to be unstable by the increasing number of new business initiatives lowest recorded, along with other economic exiting the market. Startups registrations fell by 19.6% in first 10 months of 2014 over the previous year. The annual number of new business registrations declined steadily from the peak in 2008 of 144 239, with a slight recovery in 2011 to 124 816 new companies registered in 2013. The low number of new incorporations mean fewer jobs. In the EU, 85% of the jobs created post-crisis were provided by startups.

2014 signals the Romanian entrepreneurs reorientation towards IT and education at the expense of agriculture. Among non-financial sectors, the most popular sectors for startups in 2014 were Romanian education, 18.8% more registrations, information and communications, with 8.94%, and wholesale and retail 5, 38%.

The region where they registered most companies in 2014 was the area of Bucharest, with 11,648 registrations. In second place is Cluj Napoca, with 4,074, and Bihar, with 3,468 registrations.

Ranking 2014 registrations companies in Romania

Region

Total registrations

I

Bucharest

11.648

II

Cluj Napoca

4.074

III

Bihor

3.468

The weakest areas in terms of entrepreneurship initiative in Romania are Covasna, with 552 registrations, and Ialomita, with 674 registrations.

Together with regional development, everyone benefits from this starting with the individual, social groups, institutions, funds, companies etc.

Private sector development is reflected by the balance between the complementary functions of the state and private sector, balance in relation to the specific and different level of development of each economy. In a study the World Bank stated that private sector development is "rethinking the role of the state and not judicious privatization carried out at random. Government policies that ensure healthy breathing space for private initiative and establishes a regulatory framework that directs private initiative in a way that benefits the whole society is essential.

Establishing SMEs to operate in a way that provides benefits and labor market through job creation and by balance on the labor between supply and demand.

By creating new jobs, increases the percentage of consummation of the people, the amount of money spent by the population, which carries a cash flow and cash flow is how much larger and better controlled and in constant motion with both It is healthier and prosperous economy.

Healthy and prosperous economy is defined by the circular flow of money they made to give a framework in which people can consume and companies produce, between supply and demand by raising the living standards of the population and the continuous development.

After joining the European Union Romania has created new jobs in professional terms, like European funds consultant profession. European fund advisor has the task of writing projects to absorb European funds and development to be used for any industry eligible for regional development funds.

European funds are a very efficient and productive instrument for the country even for an enterprise (SME) or even for an individual to develop any field in Romania in particular from the private sector agriculture and business most interested in these regional development projects.

Attracting European funds is a challenge for any state since obtaining funding for projects is needed to create detailed, realistic and well analyzed from all points of view to be eligible to the terms provided by the European Commission.

Both before and after the accession of Romania to the European Union, have intensified discussions on the effects of accession on business and the real price of accession. European Union membership has brought the medium and purification of the business environment and create the competition that will automatically lead to improve our quality of products offered by companies. The disappearance of customs barriers, facilitates the import of products from other EU countries automatically exert pressure on domestic producers. The integration means an important flow of capital, opening new markets.

CHAPTER 3. The evolution of small and medium enterprises in Romania In every region, SMEs are in evidence. They make a huge contribution to gross domestic product (GDP) and employment. The global financial crisis of 2008, however, created new challenges for SMEs. Findings are mixed as to how effectively businesses have recovered from the crisis and coped with recessionary climates, but access to finance has been a problem for many.Estimated data for the 27 countries in the European Union (the EU-27) for 2012 also illustrate the importance of SMEs. They account for 99.8% of all enterprises, employ 67% of all workers and contribute 58% of gross value added (GVA) defined as the value of their outputs less the value of intermediate consumption and an important factor in GDP.3.1 Development of SMEs from the 1990s until present

The collapse of communist regimes, which led to the economic blockade and triggered a large-scale economic crisis in the regions of eastern and central Europe.

Since 1989 and 1992 in all former communist countries, Europe now has been a dramatic fall economies, this process is followed by an explosion of unemployment, a phenomenon that has been absent in these countries but also a strong inflation.

As noted, SMEs tend to be more intensive on labor and at a macro level, therefore, provide a substantial contribution to employment. A World Bank survey of 47,745 businesses across 99 countries revealed that firms with between 5 and 250 employees accounted for 67% of the total permanent, full-time employment. SMEs were also creating more jobs than large enterprises. Between 2002 and 2010, on average, 85% of total employment growth was attributable to SMEs. Job creation is particularly important for countries that are plagued by high unemployment rates and in general for developing and emerging economies. SMEs are key providers of employment in such countries.

The decline in the economy has increased in the second half of 1990, continuing until 1993. GDP had a permanent decline in the years between 1990 and 1992, the main areas that have been affected by the activities in industry, commerce, transport.

Foreign capital in Romania began to emerge reforms started quite late, but has gained a growing percentage each year.

The privatization process started in agriculture, particularly in the cooperative system of agriculture. Analyzing distribution branches of the private sector, the highest level recorded in agriculture, where it supplies over 95% of gross value added of this sector, consequence of the fact that the land was returned to the owners and farms and other state agricultural units s abolished in the early years of the transition period. In industry, although the privatization process dragged in some areas (example energy), there was a significant jump and only 5.7% in 1990, in 1999 the private sector became the majority shareholder with 53.7 %, and in 2005 to reach over 80% of gross value added in industry.

Construction represents the second field where the private sector tends to become quasi-majority. The scale on which he met after 1990 construction activity in the private sector, made it to increase its share in stride gross value added of the sector, from about 2 percent in 1990 to 51, 6% in 1994 and about 95% in 2001. Within services, although the contribution of the private sector has increased considerably, remains the area with the lowest compared to other branches. Increasing the share of private sector in the development of services was primarily the result of the work of trade, tourism and hotel services, real estate transactions, financial services - banking and insurance etc.

Note that the share of private sector in the gross value added in services has lower values than other sectors because of some categories of services (public administration, education, health) is mostly public sector. Significant changes have occurred in terms of its contribution to the achievement of gross value added industries in the private sector.

An aggregation of all companies that are active and teach balance sheets reflect an overview of the performance of the economy. Thus, the correct assessment of the importance of the private sector in the Romanian economy, but also for its future development is necessary to analyze the economic results obtained correlated private sector its share in the share capital in the economy. The important role played by the private sector in achieving the GDP, led to the high contribution of this sector to the GDP, thus strengthening trend in the last period and increasing its share from 55% in 1996 to 70.4% in 2005. The private sector had the hardest word to say in most economic sectors, its contribution to GDP accounting for almost all retail trade, construction and tourism. In industry, the share of private sector amounted to about 80%, being the result of accelerating economic structural processes, which helped to increase private sector participation in industrial production significantly.

The role of SMEs as to main generators of jobs in the European Union confirms more than ever, at the current juncture marked by crisis and unstable and unpredictable economic climate. Furthermore, start-ups and small businesses are considered key factors for economic recovery and, in particular, to reduce the negative effects of the crisis on employment in the EU.Source: NATIONAL INSTITUTE OF STATISTICShttp://www.insse.ro/cms/files/publicatii/pliante%20statistice/03_2015-Date-statistice.pdf Analyzing 2014, more exactly the III semester and the IV semester, we observe an increase in semester III compared with Semester IV, registring a 1% provide input, which is still an increase in Romania's GDP higher than the percentage of EU -28 and being very close to the 0.9% growth of Bulgaria. Also 2014 brings an increase in GDP for 2013 year in Romania with 2.8% and comparing the 1.3% EU28 percentage. The largest increase in of GDP is Hungary, recorded with a percentage of 3.6%. In Romania SMEs have consistently maintained a significant share of the number of employees in total employment in the non-financial business sector, with a value located around 60% annually. Thus, the share has evolved from 57.5% in 2004 to 62.1% in 2008 and 60.2% in 2010. It is worth noting that the highest level of this percentage, almost 65% of was reached in 2009, the year marked by profound restructuring of staff in large companies.The Romanian Government recognizes and appreciates the importance of SMEs as the basis for the development of a modern economy, dynamic, knowledge based. Experience clearly demonstrates that EU SME sector may have a substantial contribution to gross domestic product, to create new jobs and boost export growth. SMEs have the ability to respond flexibly to strong competitive markets and to quickly adapt to structural changes and cyclical global economy. A well-developed SME sector can thus support macroeconomic stability and growth.

Small and medium-sized enterprises (SMEs) play an important role in the world economy and contribute substantially to income, output and employment. However, the recent global financial crisis created a particularly tough climate for SMEs, with a reduction in demand for goods and services and a contraction in lending by banks and other financial institutions.

Nevertheless, a substantial amount of work has been done to assess the roles that SMEs play in driving gross domestic product (GDP) growth and sustaining employment. The evidence suggests that SMEs are vitally important for economic health, in both high-income and low-income economies, worldwide.

3.2 Development of European jobs - European funds advisor In the context of integration, small and medium enterprises (SMEs) are more exposed to numerous changes in the business environment caused by economic restructuring. In particular, SMEs will be affected in areas where the Community acquis requires implementation of environmental standards, quality, hygiene, food safety, product safety, labor protection rules.The labor market and achieving balance between supply and demand depends to a great extent private sector development namely business development. In 2007 the private sector in Romania had a very accelerated pace of development but due to the economic boom and the high debt both individuals and companies emerged economic crisis. The economic crisis has emerged in America and spread to the interconnections between countries and continents globally because of the interconnected economies and financial fields.

Evidence also shows that when SMEs become international, particularly when they start exporting to foreign markets, their contribution to their home economy increases. For this to happen, substantial barriers need to be overcome. SMEs can face difficulties in financing international activity, identifying opportunities and making appropriate contacts in their target markets.

Romania was affected by the economic crisis and this has been felt both population and companies by blocking money, which led to a decreased flow of money circulation. The impact of the financial crisis and the economic downturn that it entailed was substantial. Many companies, SMEs included, suffered negative repercussions such as reduced revenue or were even forced to close down. In the post-crisis era SMEs in particular have faced challenges in relation to accessing finance. One effect of recession may have been to increase the productivity of SMEs. Data for the EU for the three years from 2008 to 2010 show the negative impact on enterprise numbers, employment and GVA for SMEs in the immediate aftermath of the global financial crisis.The labor market has suffered from the emergence of firms because crisis began to reduce the number of employees and the percentage of unemployed began to grow. Unemploymemt produced a state of concern among people because they have remained without work and without income and this has led to a problem for credits from banks. Many people have lost both jobs and homes because the latter were mortgaged to the bank for credit. This situation created by the economic crisis unfolded in the context in which Romania joined the European Union in 2007 along with Bulgaria. The period following has brought economic instability and an imbalance force market. Accession to the European Union in 2007 brought labor market benefits by allowing people to move to another EU Member State to work. Source: NATIONAL INSTITUTE OF STATISTICShttp://www.insse.ro/cms/files/publicatii/pliante%20statistice/03_2015-Date-statistice.pdf In the fourth quarter of 2014 (October, November, December) the terms of employment of persons aged between 20 and 64 years Romania recorded a share of 65.4% of all people capable of work. The average of EU28 workforce employed registered a percentage of 69.9%,, slightly above average in Romania, and Czech Republic records the highest percentage with 74.3% percent. Such free movement of persons on the territories of the European Union has facilitated a more efficient movement of citizens for occupying a job in another state that has benefited the economy. People who live in one state and work in another country are called frontier workers. Currently 2015 over 600,000 people working in another state than the living state. Cross-border cooperation was also an important factor in achieving balance on the labor market by developing cross-border projects between companies or institutions. Cross-border cooperation between two countries is the realization that has common purpose and collaboration to fulfill its development. By acceding to the European Union were developed European jobs and the European funds consultant who brought major advantage due to the economy and companies from Romania, European projects that helped create companies to develop and led to both economic growth regional and national levels. In Romania SMEs have consistently maintained a significant share of the number of employees in total employment in the non-financial business sector, with a value located around 60% annually. Thus, the share has evolved from 57.5% in 2004 to 62.1% in 2008 and 60.2% in 2010. It is worth noting that the highest level of this percentage, almost 65% of It was reached in 2009, the year marked by profound restructuring of staff in large companies. The importance of SMEs for providing and maintaining jobs will be dealt with in the sectoral analysis in the next chapter, which shows the percentage of employees of SMEs in most sectors.Source: National Institute of Statisticshttp://www.insse.ro/cms/files/publicatii/pliante%20statistice/03_2015-Date-statistice.pdf The graph above represents unemployment rate in Romania in percentage, so in January 2014 the unemployment rate was 6.5%, a year later in February 2015 registering 6.4% and in March 2015 the percentage share of again to 6.5%. EU28 unemployment rate reach almost 10 percent, registered a 9.8% percentage in both January 2014 and in the month of February 2015 and March 2015. 3.3 Institutions created to support SMEs The European Union has provided for the period 2007-2013 a set of opportunities in the fields of research and innovation, skills development and competitiveness intrapreneurial global research institutions and universities. Lines policies of the Member States in the communities are predicted in the 2007-2013 financial framework programs, such as:

1. VII Framework Programme for Research. The main instrument program that supports research, co-Border, ETPs etc.

2. The program on competitiveness and innovation program that supports the development and innovation, especially for start-up businesses.

3. Education and training program that offers Member States to adapt information systems and training for achieving the Lisbon objectives.

4. The program of economic and social cohesion, the regions being supported with substantial funds to reduce the structural gaps.

The vital contribution of SMEs to economic growth is widely recognized today a reality. Revealing their economic and social beneficial effects led to consideration of the SME sector as an area of strategic interest for the economy.

The positive effects arising from the SME sector in general in the economy is reflected in:

improving the competitive environment; by their small size and large number of SMEs emphasize the atomicity of the market, thereby diminishing the power to influence large enterprises; thus, the ability of SMEs to stimulate competition generally weakens the monopoly positions of large enterprises, reducing their capacity to raise prices and to be ineffective in terms of combining factors of production;

strong individualization of products and services offered by the SME efficiency and across the activities carried out as which contributes to intensifying competition;

generating the largest number of new employments; to create significantly higher number of new jobs, with a cost of capital, and constituting work the most important alternative to combat unemployment

Increased responsiveness to market needs contacting them directly due to this; Best results thus offer their Adaptation to customer requirements building; moreover, by their specific flexibility, innovativeness, response speed , SMEs tend to get its enterprise only compatible with an increasingly complex and dynamic

the person is creating opportunities for the development and adaptation of technologies, corresponding for some concrete needs;

anchoring their local economies by exploiting local resources (financial, material, labor); by their ability to respond country- local of requirements by the detailed information on markets, then the local SMEs will be more effectively work purchasing until December to large the firms inside or outside localities across;

development as an important component of the infrastructure on which the economy;

Developed country stimulation of entrepreneurial of the capacity across and create a critical mass of entrepreneurship opportunities, take risks; SMEs insurers excellent ground manifestation of the talent of its enterprises, a developer of managerial;

encourage investment, with the household savings source (family, relatives, friends) or other funds that would otherwise be unproductive;

better distribution of economic power to offer a general power for the company, with its positive effects in the plan established political and social across long term.

3.4 Regional Investment in Romania The main mission of the EIF, institution owned main European Investment Bank and the European Commission is supporting European SMEs, supporting their access to financing. FEI develop tools for venture capital and microfinance guarantee specific to this market segment. In this regard, the FEI promotes the objectives of the European Union in support of innovation, research and development, entrepreneurship, growth and job creation.Joint European Resources for Micro to Medium Enterprises ") is a joint initiative of the European Commission (DG Regional Policy) and the European Investment Bank (of which the European Investment Fund), which aims to improve access to finance for SMEs s in the European Union under the Structural Funds for 2007-2013. JEREMIE allows Member States and Regions to devote national resources and structural funds to create holding funds ("holding funds") that can finance SMEs ln a flexible and innovative. the new initiative aims at developing and encouraging entrepreneurship in the European Union. "We welcome the opportunity to expand access to finance for SMEs in Romania. Through three financing instruments, JEREMIE creates leverage financial resources available for Romanian enterprises. At the same time, the new instrument contributes to ecosystem functioning local funding thus stimulating and banking activity"At the same time, European integration is a matter of investment and income. Union membership brings certain rules impugn a certain quality, the level to be achieved will need investments that will overcome in most cases entrepreneurship financing capacity of Hungary and Romania, which will automatically lead to the exit their market.On the accession process, it is based on competitiveness because, globally, Europe has problems competing with the United States and Japan. This involves significant costs on their investments, but not to be confused with cost (investment) and property damage. In terms of costs it covers general is indispensable for process adhere to learn how to attract European funds available funding. Membership of the European Union provide access to the Structural Funds and the Cohesion Fund. Some of these benefits to previously could be highlighted and accession, including the amount and the positive effects of inflows of funds through the financial instruments of accession, as well as other tools and programs developed by the EU for candidate countries.

Figure 5. Net investments in all economic activities in 2015

Source: NATIONAL INSTITUTE OF STATISTICS

http://www.insse.ro/cms/files/publicatii/pliante%20statistice/IMM-2014.pdf

3.5 The Romanian economy within the EU and "2020 Europe strategy"

The European economy is characterized by significant disparities in the Member States. Measured by GDP per capita, the differences between countries are important, with ranges from 271% for Luxembourg to 47% for Bulgaria, the EU-28 in 2012. Major EU economies are close to average, but recorded contrasting developments , up to 121% Germany (from 115% in 2002), but decreased for the majority of the other, The Netherlands 128% (from 133%), UK 110% (for 120%), France 108% (from 116%) and Italy 98% (to 112%) of 5. In this context, Romania has managed to constantly improve their position relative to other EU Member States, from a level of GDP per capita by 29% in 2002 to 49% in 2012 of the European average (EU 28), but not so fast as to avoid the status of least developed country, ranking second to last in the ranking.

However, after assessing the European Commission, Romania is classified among the countries that come along, along with Bulgaria, Czech Republic, Poland, Hungary, Slovakia, Latvia and Lithuania, a position which sets the general context of competition policy for the next period.

Improving the competitiveness of SMEs is a key area of intervention given that SMEs represent over 99% of all enterprises active in the Romanian economy, with a decisive contribution to national gross value added at creating jobs and ensuring cohesion. National Competitiveness Strategy Development must focus on capitalizing the potential competitive industries and services, attracting SMEs in the chain of value creation, promoting technological innovation and support the internationalization of SMEs, in complementary with government strategy for SME development in Romania horizon 2020 Research and Innovation Strategy and National Export Strategy 2014-2020, to the logic of supporting a long-term vision on competitiveness.

The strategy "Europe 2020" - overall objective of this strategy is to transform the EU into a smart, sustainable and inclusive growth, to provide high levels of employment, productivity and ensure economic, social and territorial cohesion. The three priorities set out in this strategy are:

Smart growth

Sustainable growth

social inclusive growth.

In accordance with the principles of implementing the Common Strategic Framework 2014-2020, Romania will have to achieve a decisive transition to financial instruments for SMEs to support innovation, ensuring the provision of start-up capital, guarantees, loans, mezzanine capital and initial capital to support SMEs.

In the next programming period, ERDF funding can cover the actions of creating an entrepreneurial culture, commercial exploitation of new ideas and research results, business advisory services, developing new business models, organization of marketing activities, especially for internationalization, support investments in high technology products and services in the integration of SMEs into the supply chains and clusters and improving their access to finance, including through the development of financial instruments to support innovative firms.

Additionally, EAFRD and EMFF funding can be directed to providing support for the restructuring of farms facing major structural problems, aid for young farmers to start its work, integration of primary producers in the food chain, effective management of financial risks and those related medium enterprise development, introducing new products, services, technologies and improving market organization in fishery and aquaculture sectors.

We know that SMEs with greater internationalisation tend to report higher turnover growth. There is also other evidence that an international outlook is good for business. More than 50% of EU SMEs that invested abroad and that were involved in international subcontracting reported increasing turnover from 2007 to 2008, compared with 35% of all SMEs .

Source: Edinburg group, Growing the global economy through SMEs

The immediate impact of the 2008 financial crisis on lending was dramatic. In many countries in Europe, both inside and outside the Eurozone, and elsewhere around the world (in Australia and the US, for example) demand for credit fell and / or businesses reported finding it harder to borrow funds.

Governments across the world have recognised the challenges faced by SMEs in the aftermath of the financial crisis. They also understand the importance of maintaining a vibrant SME sector. It is no surprise, therefore, that policymakers have adopted a variety of anti-crisis packages.

Conclusion

To conclude EU accession led to an improvement of the business environment in Romania, by reducing companies that are active in the market, which led to the fact that some of them out of the business of their inability to adapt the competitive environment and to find sources of funding, and the other part that manage to adapt thus creating the nucleus of firms capable of operating in the EU market.

Small and medium enterprises in Romania, is faced with many problems of bureaucracy, which can be considered to be the main factor, because it prevents people to open a business.

Entrepreneurship education help to develop the mentality of entrepreneurs who want to take your business to another level. Entrepreneurial education is an important factor in the development of small and medium enterprises, because knowing the information and applying this knowledge contributes to the development of enterprises, in a competitive market.

The companies in Romania, with the expansion of multinationals and foreign investors due seeking to develop business in Romania, face various obstacles that unfortunately do not know Romanian entrepreneurs to manage and resolve them and thus Romanian companies due lack of entrepreneurial education and development continues weakening competitive market force.

The impact is in both Romanian companies and companies with foreign capital of Romania, on the development of a modern economy is very high and in Romania, SMEs are an important pillar supporting the economy.

Romania's economy is in a period of continuous growth, the financial crisis of 2008 greatly affected the private sector and investments in Romania, but in this crisis period there were investors who saw an investment opportunity because the value of goods, services and capital has decreased significantly.

Romania joined the European Union in 2007, when the economic situation was in a very developed stage, the flow of money is very high, and this time the private sector has exploded, led to a very sharp fall in the number of firms, with the advent of the crisis.

The 2008 financial crisis had a negative impact on firms in Romania, which had to reduce its staff, this leads to instability on the labor market, increasing unemployment, thus implementing a continuous agitation , of the society.

This was due to lack of capital to companies, because the flow of money from the company was not managed properly, and this has led to a lack of cash, in a period in which fell very much in any area, sales.

The European Union was a factor savior for small and medium enterprises in Romania, which were during the integration period, in a growing, but with the advent of the crisis immediately after accession, the Union has provided funding programs to support firms that were in danger through various funding programs.

Currently, private sector occupies the highest percentage of SMEs in Romania, and the number increases every year established companies.

With free movement of goods and joining the internal market, there were both advantages and disadvantages for entrepreneurs but also for companies. Free movement of opportunity Romanian companies to develop internationally, to enter the European markets, but at the same time, and for European competitors, Romania was opening a new market.

The downside for Romanian companies was the emergence of foreign companies who were in a higher stage of development, for which many companies have completed the work, were closed because of their weaknesses, but those companies that have resisted They were kept on the market and decided that it is time to improve their products and services.

Competitiveness is an important and essential to a healthy economy and economic indices of prosperity.

SMEs contribute to regional development by developing jobs for individuals in society, such effects are felt in the economy of the country.

Because entrepreneurship education that begins to take interest to entrepreneurs and for entrepreneurs of the future in 2015, there is a tendency to maximize the possibilities of setting up businesses, such as start-up, by creating opportunities in which investors to meet with those who want to start a business, they have a business plan.

Overall, Romania maintains a decent position in Europe, in business, there are entrepreneurs who are well known in Europe for their entrepreneurial skills, and developing successful businesses. These entrepreneurs have acquired various skills in time management and organizational skills and specific to the business, which had an important role in their professional ascent.

There is a growing trend growth trends for firms in Romania, as well as those who are willing to start up a business, a business in an economy that is in constant growth by developing projects eligible European to maximize SMEs and through funding from various programs, Romania has great potential in developing the business environment in 2020.

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