Although my remarks on necessary reforms referred to the situation in Germany, the problem areas are - albeit to varying degrees - basically the same in most European countries: social security  4  BIS Review 7/2004  systems facing ageing populations, high budget deficits and growth-hampering structural rigidities.
Our aim is that 50 per cent of our agricultural households should be able to obtain bank credit in the next five years while we plan that microfinance institutions should reach 3 million borrowers from the current level of half a million borrowers. In small and medium enterprises the banks’ efforts will be focused on financing at least two million enterprises throughout the country.