Argues that there is a political case to be made for helping microenterprises under structural adjustment, because they are the "missing link' that can help policy adjustment to take place. The author provides some factual background and goes on to discuss a recent Peruvian project he has been involved in. This consists of three elements: a possession register for informals, a possession mortgage and credit insurance (the last two based on titles established by the register). Such schemes give microenterprises a stake in the formal private sector and in the adjustment process. -M.Amos