Bernd Balkenhol is an independent expert and advisor on microfinance, small enterprise finance and financial inclusion. Prior to his retirement he initiated and directed for many years the Social Finance Program of the International Labor Organization. For four years he served as senior policy advisor for four years at the central bank of West African States (BCEAO) on small enterprise finance. He teaches microfinance at the Economics Faculty of the University of Geneva. He also gives courses regularly at the Université Libre de Bruxelles (ULB) and the Boulder Microfinance Training Program. His publications cover a range of issues related to financial inclusion and responsible finance. His latest book (“Microfinance and Public Policy”, Palgrave Macmillan) investigates the conditions for smart subsidies to microfinance institutions. He represented the ILO at the G 20 Global Partnership for Financial Inclusion. He served on the Executive Committee of CGAP. An economist by training he holds a PhD from Freiburg University in Germany and a MA from the Fletcher School of Law and Diplomacy (Medford, Mass.).