In this first literature review, Georges Gloukoviezoff takes stock of the available knowledge regarding both the known impact of microfinance in Europe and the strengths and weaknesses of various impact evaluation strategies.

The first part of this literature review is dedicated to clarifying the key elements of the impact evaluation field: defining the concepts, explaining the reasons for evaluating the impact of microfinance, and presenting the various strategies available.

Then, the literature review moves to look at what we know about the impact of microfinance (part 2). It does so by focusing in priority on the impact of microfinance in developed countries. However, it also takes into account what can be learned from impact evaluations in developing countries considering the wealth of evaluations carried out in the South.

The following part (part 3) of the literature review explores the challenges of impact evaluations. Understanding these challenges leads to underline the strengths and weaknesses of the various impact evaluation methods available.

The last part of this literature review (part 4) examines these methodological options and provides an informed ground to make methodological decisions regarding the next steps of our project.