Congratulations, Dr. Yunus, but...

Earlier this month, the Norwegian Nobel Committee -- that illustrious black box that decides who is worthy of the Nobel prizes each year -- decided that the 2006 Nobel Peace Prize would be awarded to Muhammad Yunus, widely regarded as the founder of microcredit, and his Grameen Bank.

As part of the official announcement, the committee noted that:

Every single individual on earth has both the potential and the right to live a decent life.

Both the potential and the right. Nobody deserves to live a life of poverty, and Dr. Yunus has dedicated his life to ensuring that fewer do.

This award is a wonderful way to recognize his efforts in this regard.

But he should not be content to accept this award as the end of a great accomplishment; it is merely the beginning. We should applaud Dr. Yunus' achievements with the encouraging intent of a parent watching her child take a first step. What the parent really wants is for the child to have the courage to take a second, and then a third.

The Norwegian Nobel Committee recognizes this. That's why, according to popular speculation, such hopefuls as former Finnish President Martti Ahtisaari (who brokered peace between Indonesia’s government and Aceh separatists in August 2005) were passed over for this year's award. Mr Ahrisaari's work was done; the sharp minds on the Nobel Committee saw no need to encourage further progress.

Dr. Yunus, your work is not done. You know that better than I do. Let's ensure that the rest of the world understands this award to be a carrot tempting us all to further progress, not a retrospective "lifetime achievement award" for the nascent microcredit industry.

In Bangladesh and elsewhere, the microcredit industry has detractors. People think that the interest rates are still too high. Nowhere is that more true than in Mozambique, where poor entrepreneurs are asked to pay back their loans plus 6% each month.

Sure, the bath water may be dirty, but that's no reason to toss the baby.

December 10, the anniversary of the death of Alfred Nobel, is the traditional day for distribution of the Nobel awards. Dr. Yunus, I implore you to use your acceptance speech on this day as an opportunity to showcase the steps that have yet to be taken.

Congratulations, Dr. Yunus, but there's more work to be done.