유럽연합의 마이크로크레딧 정책과 시사점

Abstract

We observe increased interests in micro-credit from both academia and policy makers mainly because they believe that it could be used an alternative device for credit provision to the poor to help enhance their income generating ability. However, some argue that micro-credit is not an appropriate approach to stimulate micro-enterprises in Korean context since there already exists too many suppliers in the markets for which most micro-enterprises provide their products. We pay attention to the fact that the competitive edge of micro-enterprises can be enhanced through innovative activities of micro-entrepreneurs with better technology and easier access to financial resources provided by micro-credit institutions. We suggest that policy makers in Korea should recognize the strategy value of micro-credit in combating two most debated problems recently in Korea; higher unemployment and worsening income distribution. It is also much desirable that we should build a new micro-credit model applicable to Korean environment. European experiences can provide insightful implications in designing a new micro-credit policy framework. First, micro-credit is regarded as useful policy tool to achieve both higher employment and less income inequality. Second, long-term sustainability of micro-enterprises is the ultimate target. Third, EU does not involved in direct relationship with individual micro-enterprises. Instead, MC institutions are the main target of MC policy. Fourth, a variety of policy measures to support MC are taken to cope with diverse needs of MC institutions. The measures include loan, guarantee, equity and quasi-equity investment, and technical assistance. The paper finally propose four important tasks in formulating a new MC model applicable to Korean context. First, policy goals should be clarified. Two goals, enhancing competitiveness of micro-enterprises and improving income distribution, can be pursed through promoting MC. Second, MC institutions should be allowed to exercise decision making power including setting the level of interest rate, without interruptions from outside in order to achieve long-term sustainability. Third, a new microfinance investment fund can be established. Both private and public sectors can participate in establishing the fund to ensure stable funding source for MC institutions. Fourth, policy support should be more focused on MC infrastructure such as establishment of MC network, building the framework for training MC experts, and capacity building for MC institutions.