POLICIES AND PRACTICES TO PROMOTE FINANCIAL INCLUSION: THE EXPERIENCE OF SOME EUROPEAN UNION MEMBER COUNTRIES

Abstract

Increasing the level of financial inclusion is a priority on the European Union's agenda. Against this backdrop, our paper presents the experience of six European countries – namely, France, Italy, Spain, Germany, Poland and Ireland – in promoting financial inclusion. For this purpose, the following aspects have been taken into account: (1) relevant legislative measures aimed at ensuring the financial inclusion of the population and companies; (2) good practices for increasing financial inclusion; and (3) actions to improve financial education undertaken by central banks or other representative financial institutions in those countries. The results of our analysis reveal that these countries are deploying efforts to increase financial inclusion, but there are some peculiarities in addressing this topic. However, the most important initiatives to improve financial inclusion in these countries include: guaranteeing access to a basic payment account, facilitating the access of the population and companies to microfinance, and developing financial education programs.

Keywords

• financial inclusion
• basic payment account
• financial education
• microcredit
• eu