In this way, microfinance not only contributes to the economic development of a country, but also enriches the financial system and financial supervision. So maybe, rather than “A billion to gain”, it’s a question of “Billions to gain”! Thank you. 4  BIS Review 78/2008
Competitiveness and the exchange rate One of the main themes of today’s discussions is that of competitiveness. Competitiveness has a number of different dimensions, one of which is the exchange rate, and it is perhaps appropriate for me to say a few words about this, as the exchange rate is of course also of importance from a monetary policy perspective.