But this lack of constraint may have the disadvantage of inducing the fund managers to adopt patrimonial asset management behaviour with adverse effects on the portfolio of its activities and disbursement schedules. Also, notwithstanding supervision safeguards, automatic replenishments not subject to performance criteria are far from encouraging management efficiency, with possible adverse consequences on the portfolio of supported activities and the level of operating overhead costs. The proposed creation of a new' innovation agency4 that would be responsible for the implementation of measures in support of SME entrepreneurship, capacity building and innovation is indeed a reasonable step towards improving policy effectiveness and impact.