It will open the doors of formal remittance facilities to the low income and unbanked populace who, presently, are forced to use all kinds of informal and costly ways of sending money from one place to another.
But the bulk of the responsibility for resolving this crisis lies with national governments. I have mentioned the need for fiscal consolidation and structural reforms. But more is being done. To many observers the crisis management looks very much like “muddling through”. This is only half true.