European MSEs

A joint research by Confindustria - R&S Mediobanca - Unioncamere (March 2013)

In October 2009, Confindustria, R&S (Mediobanca) and Unioncamere launched a long-term research project on medium-sized manufacturing enterprises in the main European countries.

Its objective is to analyse the earnings and financial trends shown by medium-sized companies, and is based on analysis of financial statements and complementary information. Medium-sized businesses are defined according to criteria consistent with those used in the Italian survey conducted by Mediobanca and Unioncamere. 

The second edition of this project extends the analysis to French as well as the German, Spanish and Italian MSEs covered in the first edition, and in future versions our hope is that other nations will be included as well. The Annual report on European medium-sized companies consists of four sections, one for each country, and a comparative assessment of the phenomena to emerge.

The work was co-ordinated by R&S (Mediobanca), which also prepared the Italian report from the survey carried out in conjunction with Unioncamere. The research was assisted by three prestigious institutions: EconomiX, CNRS-Université de Paris Ouest Nanterre La Défense, responsible for the report on French firms compiled by Nadine Levratto; IfM - Institut für Mittelstandsforschung, Bonn, of which Michael Holz, author of the report on German firms is an associate; and the Departamento de Economía Financiera y Contabilidad III, Universidad Complutense, Madrid, which produces the Spanish report compiled by Prof. Juan Antonio Maroto Acín. The reports were reviewed by the R&S technical committee, with the co-operation of Gioacchino Garofoli of the Università dell’Insubria.

Location of European medium-sized enterprises in 2009



Medium-Sized Enterprises in Europe (2013 edition):


Conference, 15 March 2013, Milan



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