The article analyzes the work on the Economics Nobel laureates over the past 7 years and their applicability in practical terms within the European Union in the field of entrepreneur ship development. The authors, analyzing official documents of the European Commission, EU Council,the European Parliament, the European economic and social Committee and the Committee of the regions, to support the statistical data of Eurostat, make proposals, where these results could give a significant effect, and also served as an impetus for future development. A special place for authors is the approach to the development of small and medium enterprises in the European Union programs support it. In the «communication from the Commission to the European Parliament, the Council, the European economic and social Committee and the Committee of the regions, strategy and main challenges 2014-15» are the calls of the European Union. All Western Balkan countries face serious structural economic problems, high unemployment and low level of foreign investments. There remain serious problems with economic reform, competitiveness, job creation and fiscal consolidation. To date, none of the countries has not produced a comprehensive and convincing internal reforms. All this adversely affects the opportunities of development of small and medium enterprises, which are able to improve the situation in the troubled regions. Thus, in our view, the European Union must focus all your positive experience of support and development of small and medium entrepreneurship in problem areas of the EU.