Foreword Joyce KIMWAGA LUNDIN - Member of the Board
Microfinance and Identity
Long–term unemployment, language difficulties, lack of contacts, cause not only social and financial exclusion, but also the loss of personal identity. This results in severe social and economic consequences for the individuals and for the society they are living in. This is the case for most immigrants and ethnic minorities in Europe.
Microfinance has proved to be a tool for strengthening the individual’s identity and own potential for development as well as creation of a satisfying and valued life.
It is extremely important for Microfinance Institutes to have an identity as it is for its clients. Some of the Microfinance Institutes in Europe are today facing a challenge in reaching out their services to immigrants and ethnic minorities. Microfinance is actually practiced in the countries many of these groups originate from, however in many cases immigrants are looked upon as beneficiaries and are not given a chance to share their knowledge and experience in the professional development of Micro Finance activities.
It is time for MFIs to critically analyze and take into account the important contributions that immigrants and ethnic minorities from diverse contexts can offer to the development of MFIs in Europe. Our experience shows that Microfinance is also a learning and democratic integration process. It is easier to reach out to the immigrant societies and it is easier for the immigrants to participate if they can identify themselves with the organization and if they are involved in the formulation of Microfinance programmes.
Microfinance has an important role to play in creating a platform for intellectual and intercultural knowledge which is a crucial ingredient for promoting sustainable Microfinance.
EU consultations on responsible lending and financial inclusion EMN took part in the European Commission consultation on responsible lending and borrowing that closed on 31 August, jointly with the policy working group leader Réseau Financement Alternatif (RFA - Belgium).
In its submission, EMN underlined the role of microcredit in taking excluded parts of the population into the mainstream, by supporting self-employment and providing basic financial education and tools. Indeed, a key characteristic of microfinance is building a responsible, person-based financial relation between borrower and lender. EMN also stressed that any attempts to define, regulate and supervise loan transactions and players should take into account the specificities of microfinance so as to stimulate rather than hinder an activity geared at efficient long-term social inclusion. Moreover, EMN was represented by RFA at the public hearing on the issue organized by the European Commission on 3 September. Read the full EMN submission here.
In addition, the European Commission has recently published the results of the public consultation on financial inclusion: access to a basic bank account of April 2009. Microfinance is considered by the majority of stakeholders as an efficient way to ensure financial inclusion for a largest number of people possible. While the financial services industry stresses the necessity to reconcile profit-making and social obligations, consumers and civil society think that the European Union could play a main role by extending the concept of financial inclusion and by promoting initiatives to stimulate the development of microfinance, access to money and debt advice and provision for long-term savings. Download the consultation results here.
EMN welcomed seven new members In June and September 2009, EMN welcomed seven new members, bringing to 79 the number of EMN members representing 23 European countries.
 CREA-SOL (France) is an association that provides funding to people without access to mainstream banking services while providing them with personalised assistance with the support of the training tools of Caisses d'Epargne.  France Active (France) is a proximity network that, for over 20 years, has been helping people facing difficulties in starting their businesses. Its objective is to support 35,000 new businesses by 2012 to allow 100,000 people in difficult situations to find a sustainable job. Within this objective, the organisation helps entrepreneurs to access bank credit and funds the development of employment in fair business.
 France Initiative (France) is a network that brings together independent local associations covering almost the entire country. The network was created in 1985 and has now 248 platforms. France Initiative, which financed 13,600 companies in 2008, created 31,300 jobs the first year and has 13,900 volunteers, is the first community network financing and supporting business creation and recovery in France. The network helps entrepreneurs by participating in the funding of their projects and by supporting and accompanying them in setting up their businesses.
 Mikro Kredit Lizing Societi d.o.o. (Macedonia) has been created by a group of experts and professionals to provide suitable financial services to economically active population with low-income rate, by means of microfinance services.  Inicjatywa Mikro (Poland) is a microfinance organization, established in 1996 with the help of Opportunity International to support enterprise development and job creation in Southern Poland. To realize this goal, Inicjatywa Mikro provides access to capital to very small companies that do not qualify for bank credit. There is no lower limit on the loan size as it is adjusted to the needs and the level of development of the business.
 Fair Credit House (Romania) is a national network established in June 2008, which currently employs four people. The organisation aims at promoting the economic development of micro, small and medium-sized enterprises. To do so, it provides information, technical support and financial products to facilitate the different stages of business creation and consolidation. It benefits from the assistance of qualified consultants who have gained experience by conducting many projects financed by international funds.
 The Fundació Privada per a la Promoció de l’Autoocupació de Catalunya, CP’AC (Spain), is a private and independent non-profit organization created in 1986 to promote the self-employment in Catalonia and in general to collaborate in the process of promotion of the labour market and the local economic development in Spain. For more information on EMN members, please click here. If you wish to become an EMN member, please click here.
Microfinance in Sweden - a social orientation  In 2008, Sweden not only topped the economic ranking with a GDP per capita of €25,764, but also ranked high in the social classification with a HDI (human development index) that allowed it to be in 7 th position worldwide.
However, in this country with strong social values, certain individuals are excluded from access to formal financial services because they do not belong to the client groups targeted by financial institutions. The people excluded are found mainly among migrants and those wishing to start their own businesses. There is, therefore, a strong demand for microfinance in Sweden.
There are more socially-oriented financial institutions: the network of savings banks, the JAK (cooperative bank), ALMI Företagspartner (public support agency for very small businesses and SMEs) and Ekobanken (ethical bank).
However some individuals, especially the most vulnerable, are unable to find services tailored to their situation with existing financial institutions. This is the reason that some NGOs providing assistance and support services to excluded people have decided in addition to provide microfinance services to meet the growing demand. Among these organizations there is NEEM (for women from ethnic minorities) and Basta Workers' Cooperative (for the poorest and most vulnerable people such as ex-prisoners).
Cooperation is needed between financial institutions and not-for-profit organizations, which are not allowed to disburse funds themselves. This coordinated effort is called Linkage Banking: NGOs play the role of identification, support and monitoring of customers and banks intervene in granting loans. This combination ensures the optimization of each partner’s skills and promotes the financial inclusion and consequently the social inclusion of the people targeted. This partnership is beneficial both for banks, which can access a broader range of individuals and meet their social responsibility targets, and for NGOs, which can offer new services to their members. It is an effective and sustainable path towards active inclusion.
Sweden, which is chairing the European Union, is, therefore, contributing to the implementation of the Lisbon strategy for growth and employment over the long term. Microfinance is a response for promoting growth and employment and for combating poverty and exclusion, which deserves to be highlighted on the eve of the European Year for Combating Poverty and Social Exclusion.
 Adie launches Adie Connect
 In April, Adie launched Adie Connect, the first French online microcredit website. This website has several objectives: to facilitate and accelerate microcredit provision to new entrepreneurs and to create a space for exchange between microcredit actors, new entrepreneurs, partners and the general public.
In France, 58% of the population over 18 years of age has personal internet access and 34% of households with a monthly salary below €900 have an internet connection at home. On the new website, Adie Connect, potential new entrepreneurs without access to bank credit can apply for a microloan online. Loans are granted within five working days. They can also access the business support services proposed by Adie.
 In the first period, the projects financed by Adie Connect will be stepped:
- First microcredit: from €500 to €2000
- Second microcredit: from €500 to €3500
- Third microcredit and beyond: €500 to€5500.
For larger loan amounts, the website directs new entrepreneurs to the Adie branch closest to their home. The site also provides practical tools for the everyday management of the business. To visit the Adie Connect website, please click here. Giordano Dell’Amore “International Award” and “Italy Award” - Microfinance Best Practices Award 2009-2010 The strategic purpose of the Giordano Dell’Amore Award is to start a common reflection on the methodologies, tools and social impact of microfinance and consequently on the role these instruments are playing in the development process.
 The 2009 Award was made up of two different prizes in addition to the “Europe Award”: A prize for the best microfinance practice accomplished in Italy and a prize for the best microfinance experience achieved outside the European Union.
The “International Award” was won by Fundación Pro Vivienda Social, with a microfinance operating model for the provision of infrastructure services and housing improvements in low income suburbs in Argentina. The “Italy Award” was won by PerMicro for its innovative approach to the Italian microfinance sector. The Award Ceremony took place during the EMN Annual Conference held in Milan in June 2009.
The next edition of the Award and the competition announcement will soon be available on the Giordano Dell’Amore Foundation’s website. This year the Award will be made up of two prizes: the International Award and the Europe Award (including Italy) organised in partnership with the European Microfinance Network.
The Giordano Dell’Amore Foundation is an Italian institution that acts as a reference point in Italy and worldwide for the collection and the exchange of knowledge and skills in the field of microfinance. EIF and Fonds de Participation extend their guarantee agreement The European Investment Fund (EIF) and the Belgian financing institution Fonds de Participation (FdP), an EMN member, have decided to extend their guarantee agreement within the framework of the EU’s Competitiveness and Innovation Programme (CIP) in Belgium.
So far, the guarantee agreement has enabled Fonds de Participation to grant microloans and offer co-financing jointly with commercial institutions to SMEs. Through this extension of their initial cooperation, FdP will be able to continue supporting SMEs through expanding its financing activities for start ups and individuals who want to start their own business in Belgium. The extension is also aimed at offering additional support to Initio, one of FdP’s new co-financing loan products.
For more information about Initio, please click here. Renewal of the Cooperation Agreement between ANDC and Millennium Bcp   On 22 June, the new cooperation agreement was signed between ANDC and Millennium bcp for the period 2009-2011. The organisations, both EMN members, were represented by Nelson Machado (Director of BCP) and Mohamed Ahmed (President of ANDC).
The ceremony was attended by Philippe Guichandut (Director of EMN, organisation based in Paris) who led the workshop held in the afternoon and which was attended by 30 professionals working in the microcredit field in both institutions. 
The general discussion and the group work were particularly interesting and were conducted in a relaxed atmosphere. Participants stressed the importance of such meetings as they provide a better understanding of working practices and professional relations.
Millennium bcp and ANDC took advantage of this opportunity to celebrate 10 years of cooperation between both institutions as Millennium was the first financial partner of ANDC.
For more information about ANDC, please click here. For more information about Millennium plc, please click here. nef report on the impact of the economic crisis on asset building strategies in Europe  This new nef report is an updated version of the report presented at the Levi Strauss workshop on asset building during the EMN conference held in Milan last June. Asset building can be seen as a counter-cyclical move to insulate poorer households against external crises, be they personal or macroeconomic in nature. The current economic crisis starkly reveals that, in many countries, the efforts made around asset building did not have enough time to create sufficient resilience before the crisis began. It is all the more important therefore that we now ensure that existing assets are not eroded, as a result of, for example, breaking the link between entitlement to benefits and levels of personal savings.
The findings suggest that the crisis could represent an opportunity to mainstream asset building into policy and practice. The report makes some general recommendations for funders, governments and organisations that will help asset building to become part of mainstream national poverty alleviation strategies. For more information as well as hard copies of the first version of the report, please contact either Veronika Thiel or Sargon Nissan.
Irish EMN member First Step signs first guarantee agreement under the CIP The European Investment Fund (EIF) and First-Step Microfinance have signed a guarantee agreement under the Competitiveness and Innovation Framework Programme (CIP). Microenterprises in Ireland could now have access to over 3 million euros of additional funding guaranteed under the CIP. It is expected that this new agreement will allow First-Step Microfinance to support the creation of over 600 jobs.
This transaction allows the EIF to renew its cooperation with First-Step Microfinance in Ireland, following prior to a previous successful partnership under the Multiannual Programme (MAP, CIP’s predecessor). Since its inception, First-Step Microfinance has funded 1,500 projects and has helped to create 3,000 new jobs. The Europe and the Research Awards 2009 have been awarded The 5th EMN Annual Conference was the opportunity to allocate two different awards. The first one was the European Best Practices Microfinance Award, run jointly by Giordano Dell’Amore Foundation and EMN. It rewards the most innovative, sustainable and effective microfinance programmes in Europe and is endowed with € 50,000 to be reinvested for the carrying out of new projects or towards core costs of the existing services.
 The Prize was awarded to the Association for Self Financed Communities ACAF. Founded in 2004, ACAF supports the creation of SFCs among poor people (mainly immigrants) and gives them technical assistance until they can operate autonomously. SFCs follow the “village bank” methodology: 10-40 members, self-managed, where members are owners and customers. ACAF works mainly in Catalonia and in four years has created 22 SFCs with more than 1,000 beneficiaries. | The second European Microcredit Research Award, run jointly by Fundación Nantik Lum and EMN, was also handed over. The Research Award is endowed with €1,000 and recognizes the most outstanding practitioner-oriented research paper on microfinance in Europe. Based on the Selection Committee’s decision and the vote results from the research workshop held at the Annual Conference, one outstanding paper was awarded: "Demand side analysis of Micro-lending markets in Germany" by Kritikos, Kneiding and Germelmann.
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Exchange visit in Bulgaria: a new experience full of lessons From 26 to 28 October 2009, EMN is organising a new exchange visit which will take place for the first time in Bulgaria, organised in partnership with its Bulgarian members, NACHALA Cooperative and Mikrofond EAD.
This new visit, the 10th organised by EMN, will allow participants once again to discover the specificities of the microfinance sector in a European country where the sector emerged in the early 1990s and is rapidly expanding.
By participating in this exchange visit, which will start in Sofia, participants will have the opportunity to visit the main actors in the market and to meet clients and private and institutional partners. Besides Sofia, participants will have the opportunity to meet with microfinance practitioners in Plovdiv or Pazardjik, two cities close to the capital where they will spend two days.
EMN Annual Conference - Milan 2009: a step forward in the field of microfinance in Europe
During its 6th Annual Conference held in Milan (Italy), from 4 to 5 June 2009 and co-organised with Giordano Dell’Amore Foundation and with the support of EMN Italian members as well as RITMI, the Italian Microfinance Network, the European Microfinance Network brought together over 300 participants, practitioners, bankers, researchers, investors, local government representatives, European Commission representatives, policy makers, central bankers and the private sector. The Conference was also financially supported by the European Commission, the Levis Strauss Foundation, MicroBank la Caixa, Crédit Coopératif, Intesa San Paolo, the Compagnia di San Paolo, Ubi Banca, the Fondazione Cariplo, and the Fondazione CRT.
This 6th Annual Conference offered the opportunity to discuss the exchange of good practices for growth in the sector with a special focus on the inclusion dimension of microfinance which has proven to be a powerful tool in the fight against poverty and social exclusion. Moreover, the current international crisis is a unique opportunity to challenge the sector to respond to the needs of more and more unemployed people who are interested in starting and developing their own activities.This will be possible thanks to two initiatives from the Commission that were also discussed during the Conference: The last Communication from the European Commission (July 2008) on the strengthening of the Social Open Method of Coordination; The new European programme JASMINE officially announced in Nice at the last EMN conference (Sept. 2008).
This Conference showed, once more, the potential of the sector and the increasing interest of institutions and the political arena in the use of relevant tools to help socially and financially excluded people get hold of their lives and contribute to the economic growth of their countries, whatever their geographical region.
With an average satisfaction rate of 81.4%, this Conference was a very successful meeting point for those interested in the microfinance field in Western Europe.
The next EMN Annual Conference will be organised in 2010, in London (UK). This will be, once more, a Conference where we will offer you brand new ideas and topics for discussion as well as a suitable space for networking and exchange opportunities.
See you in 2010 in London!!
COPIE II - Access to finance
Within the framework of the “ Community of Practice for Inclusive Entrepreneurship (COPIE 2)”, EMN has been selected to carry out the baseline study on “Access to Finance” by the Flemish ESF Agency. COPIE is a learning network of ESF Managing Authorities and Implementing Bodies at national and regional level in Europe. The COPIE network builds upon the key learning developed by nearly 300 partnerships funded under the EU EQUAL programme synthesized under COPIE 1 into a diagnostic tool for assessing inclusive entrepreneurship policies (see www.wikipreneurship.eu).
“Access to finance” (led by Flanders) is one of the four CoPs of COPIE 2 in addition to “Quality Management” (led by Germany), “Enterprise education” (led by Spain) and “Integrated start up support” (led by the Spanish region Asturias). The baseline study aims to
- bring together existing research on access to finance of specific target groups in Europe,
- review how ESF has been used to support microfinance lending programmes and
- assess how it can be used to build capacity for the JASMINE and PROGRESS programmes.
The study, to be finalized at the end of September, covers the Czech Republic, Flanders, Germany, Lithuania and Spain and will lead into a working programme for the next two years of COPIE II.
EMN Training on Lobbying and Advocacy for MFIs
Most European microfinance institutions do not actively engage in lobbying and advocacy activity. This is reflected in the poor presence of microfinance in key documents and forums, both at national and European levels. The reasons for this are the lack of awareness of the importance of active lobbying and the lack of tools or scale needed to be a recognized and efficient advocate.
As microfinance grows all over Europe and changes take place in national and European social and financial legislation in the wake of the crisis, it is crucial that microfinance becomes recognized by decision makers as a key tool for job creation and economic development, poverty alleviation and social progress.
To improve the awareness and skills of its members on this key issue, EMN is organizing a one-and-a-half day Training Course on Lobbying and Advocacy in Brussels, on 8 & 9 October 2009. The course, facilitated by an experienced practitioner in the lobbying field, will consist of a general presentation of the activity, a focus on lobbying for microfinance with EMN and MFI practitioners’ interventions, and hands-on group work.
EMN, through the Legal Environment and Regulation Working Group, will provide a follow-up on the actions taken by the participants and work with them to build a strong lobbying and advocacy platform both at national and European levels.
First meeting of EMN Working Groups: a smooth start
Under its new strategic plan 2009-2011, EMN launched four working groups at the end of 2008 in order to further involve its members in the implementation of the strategic plan and the examination of their main preferred topics. Each one of these groups is headed by an EMN member and includes, besides the leading members, core members and guest members. The working groups are as follows:
- legal and regulatory environment group lead by Réseau Financement Alternatif (Belgium);
- social performance measurement group managed by Triodos Facet (The Netherlands);
- growth, sustainability and funding group overseen by Fair Finance (UK);
- research group lead by Foro Nantik Lum (Spain).
The first meeting of the working groups was held within the framework of EMN Annual Conference in Milan on 3 June 2009. The groups had the opportunity, among other things, to establish the guidelines for each group and the activities to be developed as part of their programme.
Presented below are the minutes of the various working groups. These summarize the contents of the first meeting and present the next steps that each working group will undertake.
Working group on Legal Environment and Regulation
The Legal Environment and Regulation Working Group (LER-WG) kick-off meeting took place in Milan on 3 June 2009. The objectives of the working group are to develop or improve lobbying activities at the European and national levels and to give EMN members the opportunity to share experiences on legal environment and regulation of the microfinance field in Europe. The action plan aims to: Build a lobbying network within EMN; Improve knowledge of microfinance legal environment and regulation; Lobby to promote European and national initiatives to develop microfinance; Lobby on National Strategy Reports on Social Protection and Social Inclusion.
A second meeting will be held in Brussels on 9 October 2009. If you are interested in joining this working group, please contact us: bernard.bayot@rfa.be. Working group on social performance measurement
The central idea of the members of this WG is that EMN member practitioners (MFIs) are looking for clients that are entrepreneurial but excluded from the formal financial system. European MFIs want to bridge the gap and make them bankable. If this is right, then Social Performance would have to focus on the level of success that MFIs have in finding those that are excluded, and supporting these entrepreneurs towards successful companies.
The WG proposes the following definition of Social Performance: Social Performance is the effective translation of an institution’s social goals into practice in line with accepted social values. These include: sustainably serving increasing numbers of financially excluded people in order to become financially included, improving the quality and appropriateness of financial services, improving the economic and social conditions of clients, and ensuring social responsibility to clients, the employees and the community they serve, as well as to the environment.
The WG will carry out a short survey (in collaboration with the Research WG) on the needs and ideas of stakeholders and EMN members in the field of social performance; The WG will propose a set of indicators based on the MIX list, but adapted to the European context.
Working group on growth, sustainability and funding
The terms of reference of this working group are to discuss issues related to sustainability and growth of microfinance organisations in Europe in relation with topics such as the product, the location and the regulatory system. To get better clarity on all these issues, the WG would have to work closely with other WG in governance, research and social impact.
Suggested outputs over the coming 12 months: Agreeing a list of areas and themes on which to concentrate discussions; Profiling good practice amongst the membership – in both practice and costing structures; Establishing common benchmarks of efficiency and performance; Promoting transparency of outputs and ratios amongst members; Dividing microfinance into various product groupings; Developing a "microfinance model".
Next stages: Set up a forum online to discuss themes and liaise; Agree a workplan of activities; Set out a potential budget for costs of meetings, travel and research; Plan next meeting.
Working group on research
The Research Working Group’s (RWG) meeting in Milan provided an opportunity for the coordinating body (Fundación Nantik Lum, Spain) to introduce the RWG’s Strategic Plan 2009-2011 as well as the group’s main outputs since the 2008 EMN conference. The Strategic Plan, which was presented at the meeting to the group’s standing members as well as newcomers, outlines what the group’s goals, structure, main activities and chief outputs will be.
Among the planned outputs is an annual year-end research publication review to be distributed throughout the EMN membership and to interested members of the public. In addition to the RWG’s Milan meeting, the annual Research Award and the year-end review, the chief output of the RWG in 2009 is the anticipated launch of its own website.
The RWG website is designed to serve the public as an informational centre for those investigating microfinance in Europe. It includes an online database of European microfinance research works, as well as a news centre to track the sector’s latest developments. Central to the site’s functions is a privileged access area where EMN and RWG members will have access to a centralized communication space and extended directory. The RWG website’s anticipated launch date is September 2009.
FEVA: new prospects for the programme on financial education There is increasing recognition that financial education is an important tool, which can help low-income people to learn how to better manage their limited financial resources. By better managing financial resources, people with a vulnerable socio-economic status are more likely to emerge out of poverty and avoid falling back into poverty. Financial education builds the capacity to understand one’s financial situation, to better manage the flow of financial resources, and to realize that one has more control over one’s financial situation than previously imagined.
This Grundtvig project entitled “Financial Education for Vulnerable Adults” (FEVA) Group created a dynamic partnership of seven organizations from countries including new member states (Romania, Poland, Slovakia and Hungary) and old member states (France, Germany) with a rich experience in adult education and financial education. The organization that led the partnership, the Microfinance Centre (MFC) is a globally recognized expert in the field of financial education. The project gave the partners the opportunity to share their experiences and knowledge not only in the field of provision of financial education, but also on issues of pedagogic methodology and training skills, as well as research and development of financial literacy schemes.
The partnership’s general aim was to enhance the financial literacy levels of vulnerable adults in EU countries. Specifically, the aim was to: Share experience on adult learning methods and tools as well as delivery models, which allow a large number of vulnerable adults to be reached with financial education; Integrate best practices into partner organizations’ programmes; Create a web-based resource centre for financial education providers; Initiate long-term collaboration between organizations committed to increasing the financial literacy of vulnerable adults in EU countries.
The FEVA Group held its last meeting in Budapest in April 2009. It was the opportunity to question the future of the programme and to discuss the next steps for the group.
Future of the FEVA Group
Without continued funding, the partners in the FEVA Group committed to the following activities to ensure continuation of the FEVA Group initiated as a Grundtvig project: On-going communication through web-based resources (including platforms such as Facebook) and by telephone; Continued contribution to the FEVA Group website; Dedicating private funding on a case-by-case basis to enable exchange visits and conference style meetings; Strategically organizing FEVA Group meetings during other conferences and meetings that assembled several partner institutions; Developing a working group that could have periodic meetings and maintain working contact via Internet-based tools.
The Group also discussed the possibility of creating a new legal identity for the FEVA Group (ex. as a registered network organization), which could increase the available funding opportunities.
As the Grundtvig Project 2007-2009 funding the FEVA group has come to an end, the group has to find new ideas to pursue its mission. Within this framework, EMN has suggested the idea of creating a Working Group within its own activities as a network that would allow the Group to develop small activities while looking for new funding sources. Further discussions with the FEVA Group members will be carried out in the coming months in order to set up the basis of a potential new structure that would allow the continuity of the activities implemented so far.
The current EU initiatives could also offer new opportunities to the FEVA Group.
EU initiatives underway
In 2007, the EU executive intensified its efforts to improve financial education in the member states. After the US credit crisis sent shockwaves through the world economy over the summer, Brussels issued a document in December focusing on financial education and outlining its future initiatives in the field. The principal aim is to promote national actions by identifying and sharing best practices.
As part of the initiative, a network of national experts in the sector was established in 2008 with the aim of spreading best practice across the continent and harmonising teaching methods and curricula as much as possible. The group, which held its second meeting in April 2009, is composed of representatives of national authorities, financial service providers and consumer organisations. Members of the group are expected to advise the Commission by analysing the European situation and evaluating the application of the measures put in place by Brussels by 2010. 
The Commission also launched a website dedicated to consumer education, Dolceta, with two sections, one on consumer rights and a second on financial services. Young people are also the target of another Commission initiative, the Europa Diary. The private sector has also launched its own initiatives to stimulate financial education. Among the most recent moves, Visa Europe launched the " Better money skills" website which freely offers visitors a test of their financial skills.
The FEVA Group members could seek to establish agreements with such private organizations in order to share their experience and pursue its activities.
Migrants in the spotlight: stimulate action amongst migrants in Europe  Migrants in the Spotlight (MitS) is an EU-funded project - a joint campaign run by Hivos and Intent in the Netherlands. Its objective is to raise awareness and stimulate action amongst migrants in Europe to contribute to sustainable development in their country of origin. MiTs is designing and implementing a multimedia campaign (‘ We Share’) and an interactive website. The interactive website will be launched in a couple of weeks. It aims at supporting sustainable projects active in the ‘We Share’ countries Morocco, Ghana, Surinam, Turkey and Ethiopia. ‘We Share’ helps them to find new donors and volunteers easily. The website will also operate as a platform for discussion, sharing experiences and tools.
 EMN is the official European partner in the project. The role of the European partners is to distribute campaign materials and get the message across to migrant organizations within their networks. Especially for potential partners MitS set up an informative website about the campaign where you can read more on the project: www.wesharepartners.org.
For further information on the campaign and how to become a partner, please contact us by clicking here.
JEREMIE and JASMINE or how to encourage the development of entrepreneurship in Europe The implementation of JEREMIE continues
The Joint European Resources for Micro to Medium Enterprises initiative, known by the acronym JEREMIE, uses EU financial know-how to support small businesses in Europe.
To date, EIF has signed Funding Agreements aimed at the implementation of the JEREMIE initiative with seven Member States: Greece, Romania, Latvia, Lithuania, Slovak Republic, Bulgaria and Cyprus as well as with the two regions: Languedoc-Roussillon in France and Campania in Italy.
One of the recent developments of the JEREMIE initiative has been the launch of the JEREMIE Networking Platform on 12 March 2009 during a meeting with Managing Authorities of the Operational Programmes of the Structural Funds and other interested stakeholders.
The overall goal of the Networking Platform is to foster the implementation of JEREMIE in the Member States and regions of the EU. The Networking Platform is a forum for exchange of information, experience, lessons learnt and good practices, as well as a forum for presentations by Member States and regions on the implementation of JEREMIE. The Networking Platform will be also a forum for discussing new and innovative ideas and proposals to improve SMEs' access to finance, new business creation and innovation.
The second meeting of the Platform took place on 30 June 2009 in Brussels. During this meeting, participants discussed various topics related to the implementation of financial engineering instruments
For more information on the JEREMIE Networking Platform, please click here. JASMINE - Financial support to MFIs/Microcredit providers
EIF has been mandated by the European Commission to manage part of the JASMINE Initiative to provide, beside technical assistance, Financial support in the form of funding to non bank Microfinance Institutions (MFIs) and Microcredit providers (EIB resources).
Financial support to MFIs/Microcredit providers is operational since the beginning of 2009. The European Investment Bank has made available EUR 20 millions for a pilot initiative ( RCM Microcredit pilot facility) managed by EIF.
Under the facility EIF can invest in MFIs/Microcredit providers up to 50% of the amount committed by a co-financer (i.e. Bank, Financial Institution, Development Agencies, etc).
Investment proposals are analysed by EIF on a continuous basis, to the extent funds under the RCM Microcredit pilot facility are available. Investments made by EIF under the RCM Microcredit pilot facility are subject to the approval of the EIF Board of Directors. No open call for tenders will be launched to provide funding support. So far two transactions have been presented to the Board of EIF and two more are under preparation. EIF with DG REGIO is currently working on the Capacity Building component of Jasmine. The objective will be to strengthen MFIs by providing appropriate technical assistance. Beneficiaries will be any interested organizations based within the EU, regardless of the funds they will have received or not under the RCM Microcredit pilot facility. For more information contact the EIF.
Source: Regional Policy – Inforegio / EIF
The EU reallocates 100 million Euros for microcreditA ‘shared commitment for employment’: Commission initiates new strategy to tackle the employment impact of the crisis
Within its program to combat the effects of the crisis among the poorest, the EU, together with the European Investment Bank Group and other partners will be set up a new loans facility to provide microcredits for those who would usually have difficulty accessing the necessary funds to set up a business or microenterprise. The 'EU Shared Commitment for Employment' puts forward key priorities and actions to preserve jobs and help those facing difficulties while paving the way for recovery. The objective is for all relevant actors, trade unions and employers' organisations, as well as Member States and the EU to work together to deliver on this commitment.
 The Commission puts forward three key priorities: maintaining employment, creating jobs and promoting mobility; upgrading skills and matching labour market needs; and increasing access to employment. They should be seen as complementary to other actions being taken by the Commission to face the crisis. They are also consistent with the EU’s longer term strategies to reform labour markets including the Lisbon Strategy.
The Commission proposes a series of actions, including reallocate €100 million from the existing EU budget which - when combined with funding from international financial institutions, particularly the European Investment Bank Group - will provide more than €500 million for the creation of a new EU microcredit facility. These microcredits will support those at-risk of not obtaining funds to set up a business such as the recently unemployed and reinforce employment in microbusinesses facing the credit crunch.
The Commission will report on the progress of the EU Shared Commitment and on its implications for the post-2010 Lisbon strategy in time for the 2010 Spring European Council.
EMN will closely follow up this new initiative. EMN President and Director have already met with representatives from DG EMPL, DG ECFIN and EIF to share EMN member’s needs and to see what role could be played by EMN and their members. This unique opportunity should help the sector to grow and develop in an inclusive way.
For further information
Source: European Union ON-line Library You will find here after the latest documents posted by EMN on its website:
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This newsletter is supported by the European Community Programme for Employment and Social Solidarity (2007-2013). The information contained in this publication does not necessarily reflect the position or opinion of the European Commission.
