Even so, there have been some major structural changes in Germany, too. For example, the private savings ratio has been declining in Germany since the early-1990s as well.
As a regulator, it is a joy to see tangible proof that our microfinance policies and regulations have such a powerful impact on families and communities. And so today, we are pleased to present to you the 2013 CMA winners who will share their unique stories, challenges, and how they finally found the road to success.