Nobel Peace Laureate Professor Muhammad Yunus met with European Commission President José Manuel Barroso at his office in Strasbourg on July 6, 2011. They discussed the role of EU in promoting microcredit and social business around the world. Professor Yunus thanked President Barroso for his personal support to social business, which could be a concrete way to solve the social problems around the world.

European Commission President José Manuel Barroso made the following statement to the press after his meeting with Professor Yunus.

"I would like to express the EU's recognition for the successful work of Professor Yunus, whose tireless commitment deserves our profound respect. Strengthening social business and promoting innovative methods of accessible finance is not only a matter of justice. It is also and a concrete way to help the poorest of the poor and a smart investment in our shared future. The European Commission will therefore continue its substantial aid to micro-credit projects across the globe."

They also discussed the introduction of appropriate laws and regulations in the European Parliament that would support the development of social business.

Professor Yunus also attended a session in the European Parliament. President of the parliament interrupted the proceeding of the parliament to announce the presence of the Nobel Laureate Professor Yunus in parliament as a distinguished guest. Parliament gave a big applause to greet him in the parliament.

Later the Parliament President Jerzy Buzek received him in his chamber. He made the following statement to the press:

"Microcredit should be supported around the world. I would like to welcome in particular the microcredit facilities in Bangladesh - the native country of Professor Yunus." Buzek also praised the concept of social business, pioneered by Professor Yunus and hoped to work on ways to help new partners connect with social business.

Mr. Buzek, former Prime Minister of Poland invited Professor Yunus to Poland to introduce social business to the business leaders of Poland. He offered to organize the tour of Professor Yunus to Poland.

2006 Nobel Laureate Professor Muhammad Yunus met with the European Parliament President, Jerzy Buzek on 6th of July 2011. After the meeting, President Buzek made the following statement:

"Microcredit should be supported around the world.

The meeting with Professer Yunus was enlightening and instructive. His work on microcredit should be supported around the world. I would like to welcome and support in particular the microcredit facilities in Bangladesh - the native country of Professor Yunus. This work improves the lives of many people, especially women and their families. Social business supports job creation and inspires creativity among young people.

It was remarkable to hear from Professor about microcredit in New York City [where Grameen America is operational] has a 99.3% repayment rate. Microcredit works well in both developing and developed countries."

After his meeting with 2006 Nobel Peace Prize winner Professor Muhammad Yunus, European Commission President José Manuel Barroso made the following statement:

"I would like to express the EU's recognition for the successful work of Professor Yunus, whose tireless commitment deserves our profound respect. Strengthening social business and promoting innovative methods of accessible finance is not only a matter of justice. It is also and a concrete way to help the poorest of the poor and a smart investment in our shared future. The European Commission will therefore continue its substantial aid to micro-credit projects across the globe."

How important to the world is what you call social business?

The social economy is only now a small share of the global economy. To imagine an economy disconnected from profit scares people because the world is blinded by greed. But this conception of the Man, represented by the current economic model, is narrow and does not account for altruistic dimensions of the human being. With the social business, I demonstrate that it is possible to do business while acting on a social problem. Take the example of Grameen Danone which produces fortified yogurt affordable for poor families in Bangladesh in order to fight against malnutrition. Does this mean that this French company has lost its mind? I do not think so.

What is the difference between social entrepreneurship and social business?

Social entrepreneurship is a very popular word, often confused with the social business. The social entrepreneur seeks profit while addressing a social problem. But the basic principle of social business is based on the total absence of dividends. An investor may recover the amount invested in a social business, but no more. Another example is that of Grameen Bank. Grameen Bank is certainly a for-profit business, but it belongs to the poor, who reinvest profits. So it is a social business.

Are there limits to social business?

No, no. The economy has enormous potential given the number of poor people. Imagine the number of social businesses that we could create just to allow access to energy for each home! Companies would be created to deliver affordable solar panels to each family. Their goal is not to make profit but to protect the planet. I created a fund in Haiti for the social business. Instead of waiting for international institutions to rebuild the country, I encourage Haitians to create social businesses to meet the needs of their own country. In addition, the social business is not limited to poor countries, it can also grow in rich countries, such as the United States, to improve access to health, for example. There is no obstacle to the development of social business because human creativity has no limits.