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Developing European venture capital markets

The European Commission has launched an initiative to promote the development of a strong pan-European venture capital market as a vital contribution to job creation in Europe. The document, entitled "Risk Capital: A key to job creation in the European Union", responds to a re...
The European Commission has launched an initiative to promote the development of a strong pan-European venture capital market as a vital contribution to job creation in Europe. The document, entitled "Risk Capital: A key to job creation in the European Union", responds to a request from the European Council on Employment, held in Luxembourg in November 1997, for the Commission to report on this subject to the Cardiff European Council in June 1998.

In this document the Commission proposes the adoption of a coordinated EU action plan to optimize the growth of venture capital. The action plan proposes measures to:

- Promote integration of the existing fragmented venture capital markets in Europe;
- Eliminate institutional and regulatory barriers to their development;
- Improve the tax regimes which apply to venture capital;
- Promote the development of SMEs in high technology sectors;
- Increase the levels of qualifications of human resources;
- Reduce cultural barriers to entrepreneurism and risk-taking.
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