In September 2022, the Internal Market Commissioner, Thierry Breton, introduced a regulatory package to offer SMEs “a lifeline in troubled waters”. The near-25 million SMEs across the bloc are the backbone of industry and economy in Europe, employing almost 100 million people. SMEs are particularly important in the Irish economy where it is estimated that 98 per cent of enterprises here fall within this bracket. However, during the pandemic, they were badly exposed to supply chain disruptions and periodic lockdowns. Following this, soaring energy prices, inflation and supply chain bottlenecks have only exacerbated the situation, leading many SMEs to drop…

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