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2011 REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT

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The impact of the crisis further increases the market failure – also driven by increased risk aversion on the supply side of microfinance - and underlines the need for public support for this emerging sector in Europe. In addition to the fundamental structural problems of the microfinance sector in Europe, public intervention has largely been justified and substantiated with positive externalities, i.e. that social and financial inclusion generates attractive economic and social returns. From an EU policy standpoint, public intervention has traditionally been made conditional upon ensuring “additionality”, i.e. not crowding out private activities, but rather serving as a catalyst.