The eighth issue of “Progreso: Corporate Governance, Inclusion and Development”, the quarterly legal newsletter from the BBVA Microfinance Foundation (BBVAMF), includes an interview with Timothy Adams, President and CEO of the Institute of International Finance (IIF), the largest association of financial institutions in the world. Adams singles out the activity of the BBVAMF as one of the initiatives that is “leading efforts to standardize the industry around best practices of governance”.
In the interview he says: “For financial inclusion efforts to remain successful, including in the microfinance area, there has to be sufficient oversight, transparency and institutional best practices. These are all essential elements for stable and resilient microfinance players in the long term”.
In issue number 8 of “Progreso,” the Editorial “Regulation and economic growth” by Giovanni di Placido, director of Analysis and Studies at the BBVAMF, explains how “regulation does not have a one-on-one, linear impact on growth but acts on two fundamental drivers: investment and productivity”.
“One of the core principles of regulation is that it should foster efficiency, efficacy and simplicity in the markets that it targets. Respect towards these principles will encourage regulations that can positively impact the stability of the markets regulated, the growth of the economy and the well-being of the people in it, which should be the main concern of any regulator”, explains di Placido.
The legal newsletter also contains its regular sections, such as its roundup of the main regulatory developments in the microfinance sector, which in this issue focuses on the regulation of electronic money as one of the most important initiatives for fostering financial inclusion, and the latest international corporate governance regulations in Latin America, Spain and Oman.
There is also a Special mention of the event held in the IIF headquarters in Washington, where the Foundation presented its Social Development Report and which was attended by leading representatives of organizations and institutions working in financial inclusion and economic development.