Financial inclusion & consumer empowerment

Financial inclusion is a challenge for countries with developing and advanced economies, alike. While an individual’s ability to access basic financial services has traditionally been a matter of domestic commerce, the involvement of international entities and networks has transformed financial inclusion into a matter of global concern. This book compares the US’s and EU’s financial inclusion efforts to the soft legal standards promoted by the G-20 and the OECD. The cases of the US and the EU show that improving financial access, financial consumer protection, and financial education requires governmental involvement – often, taking the form of (1) prohibitions on discrimination, (2) mandates for the provision of services, and (3) subsidies. Countries making laws supporting financial inclusion can turn to international soft law, the legal practices of the US and the EU, and soon to the laws of each EU Member State for guidance. This book should be an essential starting point for the valuable work of these legislators, as well NGOs and other entities promoting financial inclusion.