Recital 25

(25)The ‘Small Business Act’ adopted by the Commission Communication of 25 June 2008 entitled ‘“Think Small First”- A “Small Business Act” for Europe’ and revised by the Commission Communication of 23 February 2011 entitled ‘Review of the “Small Business Act” for Europe’, recognises the central role played by small and medium-sized enterprises in the Union's economy and aims at improving the overall approach to entrepreneurship and anchoring the ‘Think Small First’ principle in policy-making. The Europe 2020 Strategy adopted in March 2010 also calls for an improvement of the business environment, especially for small and medium-sized enterprises, including through reducing the transaction costs of doing business in the Union. Article 34 of Directive 2013/34/EU of the European Parliament and of the Council ⁸ does not require small undertakings to have their financial statements audited.