Given this increasingly important role of SMMEs in both developing and developed economies, the need for policy intervention to stimulate the growth of this sector remains an active debate in the literature. This is particularly so given the failure of most intervention policies in the past.
Let me connect this with the vision for the payments system that I’ve described today: One of the ways we can promote trade-driven growth is to work with our trading partners to reduce substantially the costs of cross-border payments.