Prudential supervision can contribute to inclusive financial systems by taking account of the specific characteristics of microfinance while not disturbing the international level playing field. The efforts of the Basel International Liaison Group will be an important step forward in this regard. Furthermore, adequate supervision may enhance the perceived legitimacy of microfinance institutions, improve their operational management and extend their access to funding.
I have focused my speech on what is possible, but I would like to approach an issue that falls within the scope of what is desirable, in other words of what is impossible right now but indispensable in the medium run.