Accordingly, they have probably done little to alleviate the credit rationing to which micro and small enterprises are subject. From the standpoint of development policy, there is nothing wrong with this shift of emphasis, given that there is an obvious need for support in these areas. However, since the primary task of the promotional bank approach, by definition, is to promote not only medium-sized but also small enterprises, and the financial sector as a whole, it is questionable whether even the promotional banks that are already in operation are actually achieving the goals for which the approach was designed. In the hope of finding another historical precedent that might yield more useful lessons for the design of promotional measures aimed at improving the financing situation of the target group in a situation characterised by an emerging private sector and a banking system in the process of being built up, the paper analyses the development of the target group, the banking system and enterprise financing in 19th century Germany. And finally, the interventions that took place in the German financial system of the 19th century to improve the target group s access to financial services were precisely not based on the principles behind the promotional bank approach.
Every historical situation is unique.
Consequently, every comparison between historical situations is inevitably problematic. Before a conclusive evaluation can be given, however, more detailed empirical analysis of the results achieved in the transition economies to date is needed. Bearing in mind just how important the development of the financial system and the SME sector is for the national economies of the countries concerned, it is to be hoped that such an analysis will be presented soon.