Le micro-crédit en Europe. L'action forcément conjointe des marchés et de la collectivité ?

Micro-credits, which would allow, to a large degree, for the solution of the problems of numerous impoverished people (excluded from the system) and thus for the reduction of unemployment, are insufficiently developed. This is a real paradox, as facts show that it works. In the case of impoverished people, the inverse service relation between lender and borrower is characterized by information asymmetries and excessive adverse selection and moral hazard risks, translating into typical market failures. The various alternative solutions for making micro-credits profitable are examined. Possibilities in terms of guarantees, interest rates, selection, monitoring of borrowers are rather limited, unless one looks for subsidies or preferential credit lines. In order to go further and to reach all the impoverished people who are potential creators, these have to acquire the necessary basic capacities, through training and support. Concluding remarks insist on the necessary distinction between the efficient organisation of micro-credit markets and the required public training and monitoring services.