The vigorous economic momentum in the emerging economies is likely to provide positive stimulus for global growth in the future. BIS Review 173/2010  1  The SNB has made slight downward revisions to its growth forecasts for the global economy, mainly for Europe in 2011 and 2012. Uncertainty with regard to global economic developments remains very considerable and the risks are still to the downside. Swiss economic outlook  Growth of the Swiss economy remained robust in the third quarter. Consequently, utilisation of production factors increased. Technical capacity utilisation has returned to a normal level in manufacturing, while in the construction industry it is in fact considerably higher than the long-term average. Employment also increased moderately and unemployment declined further. However, the indications of a significant slowdown in growth increased. Goods exports stagnated from June to October, mainly due to weaker demand from Europe. Exports of services declined most recently. Inflation, as measured by the national consumer price index, fell to 0.2% in November. The decrease over recent months is mainly attributable to the fall in the prices of imported consumer goods. Accordingly, the core inflation indices calculated by the SNB were somewhat higher, and have remained steady since the last monetary policy assessment. For the coming months, the SNB expects economic growth to continue. However, it is likely to be significantly lower in the quarters ahead – a development attributable to both the generally subdued economic activity in the industrialised countries and the appreciation of the Swiss franc.

The debate over the use of personal information in the area of payment services has heightened with  6/7  the new Directive known as PSD2, which institutionalises the so-called TPP (Third Party Providers). TPP encompass “payment initiation service providers” and “account information service providers”. The former offer an alternative to the use of cards when making electronic purchase payments. The latter provide consolidated information on the status of the various accounts the customer has with entities, thereby facilitating financial planning. Payments account holders are entitled to authorise these third party providers to order payments on their behalf and/or to consult information associated with their accounts. Against this background, and irrespective of the usefulness of these services, it is important that customers should strive to understand the real scope of the authorisation granted, which may entail access to their account by a third party on the same footing as if it were the customers themselves accessing the account. Faced with risks such as the foregoing, magnified by the development of new technologies, I believe that financial education has a role to play. It may help, for example, make people aware of the change in reality that the digital arrangement of agreements entails or increase the digital competences of the public at large. The Financial Education Plan Mindful of the foregoing, the Banco de España and the CNMV continue working on their commitment to financial education through the Financial Education Plan.