THE MICROFINANCE SECTOR IN EUROPE

Jorge Ramirez Puerto and Otilia Manta
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Jorge Ramirez Puerto: European Microfinance Network

Journal of Financial and Monetary Economics, 2016, vol. 3, issue 1, 131-134

Abstract: Microfinance in Europe is gradually being consolidated as an essential tool of social policy, for the promotion of self-employment, microenterprise support and the fight against social and financial exclusion. This is demonstrated by the renovation of the initiatives in support for the sector by the European Commission in the framework of the Program for Employment and Social Innovation (EaSI) 2014-2020. This work is intended to present the main characteristics of the European microfinance sector and how the provision of financial and non-financial services could help entrepreneurs to overcome the challenges to rural development, thereby supporting their businesses and boosting the local economy. In this regard, microfinance often targets unemployed or people excluded from the traditional banking system who wishes to start their own business, significantly contributing to self-employment and job creation.

Keywords: Microfinance; European Union; microcredit; business; rural areas (search for similar items in EconPapers)
JEL-codes: G20 G21 Q01 Q14 (search for similar items in EconPapers)
Date: 2016
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