Microcredit used to be regarded as a tool that, by funding the creation and expansion of microenterprises, could help lift households out of poverty. However, in recent years, the notion that microfinance is a “miracle cure” has been subject to intense debate. Ralph De Haas, EBRD’s Head of Research, author of numerous publications on microcredit including ‘Microcredit: neither miracle nor mirage’ helps us shed light on this complex issue.