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The fifth Annual Report of the European SME Observatory gives an overview of the situation and prospects of SMEs in the European Economic Area and Switzerland, and concludes that economic growth is most likely to come from micro-enterprises with ten employees or less. The report comes as the Community and Member States are intensifying their efforts for the implementation of an integrated and coherent strategy in favour of employment. Some one million new enterprises are started each year in the EU, while the average EU company provides employment for six people. Unfortunately, employment created by new enterprises tends to be unstable, with high failure rates. While only half of new enterprises survive for five years, however, employment appears to grow in those that do survive.