In any event, the low level of the Spanish population’s financial literacy evidenced by the Survey is not something exclusive to Spain; rather, it is seen worldwide.2 However, in the particular case of knowledge on diversification, and unlike the other questions, the percentage of correct replies in the population as a whole is significantly lower than that in other developed countries (49% in Spain, compared with 62% in the OECD or EU countries). 1  The Survey microdata are freely accessible for scientific research purposes and are available on the Banco de España website at: https://app.bde.es/gnt_seg/controlAccesoEmail.jsp?pas=ecf&lang=en. 2 OECD (2017), G20/OECD INFE report on adult financial literacy in G20 countries, http://www.oecd.org/dat/fin/financialeducation/G20-OECD-INFE-report-adult-financial-literacy-in-G20_countries.pdf. 4/8  The results reveal some sex and age-based heterogeneity in the degree of familiarity with these basic financial notions. This heterogeneity in financial knowledge has been related in some international studies to actual financial decision-making in households3, such that the level of financial literacy would be higher in the individuals that actually take these decisions. That might suggest either some specialisation in this area within the household, or that financial literacy is acquired through practice. The results of the Survey also show that the level of financial literacy in Spain increases in step with the level of educational attainment4, as occurs in other developed countries. The age profile observed is also relatively common. In Spain, the percentage of correct replies increases with age up to 54 years. Above that age, the percentage of correct replies falls and the percentage of interviewees replying “Don’t know” increases.

[20] A digital euro should enhance rather than constrain services and business options so that service providers can enrich their portfolio and develop new products and services around a digital euro to the benefit of their customers. In this light, we are stepping up our engagement with banks and other market stakeholders, including consumer representatives and retailers. We are listening carefully to their views. [21]  Conclusion Let me conclude. We are designing a digital euro that would make central bank money usable for digital payments, giving Europeans a digital means of payment that they can use throughout the euro area for their everyday payments and supporting Europe’s societal objectives. Having digital money issued by the central bank and available to everyone would provide an anchor of stability for the payments market, preserving the coexistence of public and private money that has served us well so far. By distributing digital euro, intermediaries will play a key role. We are working to address at an early stage any possible undesirable consequences that may result from the issuance of a digital euro for monetary policy, financial stability and the allocation of credit to the real economy. Your role as co-legislators will be key to ensuring that the necessary regulatory framework is in place for both public and private forms of money in the digital age. For my part, I will continue to report to you regularly as we progress to the next steps in our investigation phase. I now look forward to our discussion. 1.