This issue verifies that recovery from the recession is uneven or diverging as remittance flows slowly grow in some regions and countries and continue to decline elsewhere.  At the same time, the money transfer market continues to develop with new regulations on remittances and  additional mobile and web-based programs providing transfer services.  The Dodd-Frank Wall Street Reform and Consumer Protection Act is an effort to set rules on transparency and disclosure to increase consumer protection.  Similarly, firms from the mobile and money transfer business are seeking to expand their presence in the migrant money sending market by introducing applications attractive to migrants.  The research review analyzes how firms are working toward meeting effective methods and demands for money transfers.

The guest article and country profile take a turn to Europe.  We review migrants living in France, their social capital, and attributes as individuals and organized communities.  Albania is profiled as a major European remittance recipient country with experiences and characteristics that highlight policy opportunities for improving competition and increasing financial access through remittances.

In this issue we find a 6 percent decline in global flows, mixed with uneven trends, mirroring the impact of the recession in both home and host countries. This impact shows differences within and between regions, whereby growth and decline was part of a parallel pattern. Moreover, the year starts with the dramatic impact of the earthquake in Haiti, which raises questions about the relevance of remittances and Haitian migrant involvement in the reconstruction of their nation.

This briefing also highlights that the remittance marketplace and industry continue to trend toward greater innovation. More companies are exploring products and technology vehicles that meet the demands of migrant remittance senders. These include mobile transfer technologies but also expanding operations. Moreover, governments are continuing efforts to enable competition for groups other than banks, such as in Japan, as well as promote cooperative efforts to leverage remittances for development, such as a new initiative by the African Development Bank. Brazil’s country profile is presented in this issue, which is considered to be the second largest recipient in remittances to Latin America and the

The impact of the global economic crisis on migrants and money transfers is having adverse effects in various parts of the world. However, there are also countries, such as the Philippines, where migrants steadily continue to send money. Estimates of the decline in remittances have been readjusted to reflect the news of double digit declines in year-on-year quarterly growth in countries such as Ecuador and Georgia, though this is not the case for all countries. Remittance flows have reached new records in Bangladesh and Pakistan with over 20 percent annual growth in each country.

Given the mixed results of remittance flows, this issue of the newsletter highlights the important role of public policy interventions to mitigate the effects of the crisis whose outcomes are still hardly predetermined. The recent steps taken by the G8 Global Remittance Working Group are a step in the right direction in this sense, as highlighted by the guest note. Further, the research note in this issue highlights the limited remittance research on Africa and the importance of primary research on market competition and regulations in the region. In this issue we also look closely at a major remittance country in Southeast Asia, Indonesia, in the country profile.

Change and continuity in money transfers have shaped 2008, while uncertainty in 2009 looms in people’s minds. This issue shows that remittances are suffering downward shifts in some countries and upward or steady flows in others. While these shifts are believed to be associated with current global trends, the steadiness is yet to be explained by other issues. To further discuss these issues we include comments and analyses from policy and business practitioners. The issue also includes continued shifts in the industry to adapt new technologies or partner with technology innovators. Thus, both in development policy and business practice, efforts to expand services and deepen ties to financial access continue. We look forward to a 2009 with silver linings and positive results in the midst of global economic hardship.