A detailed analysis on them can be found in our Annual Report *  *  *  Dear Madam Speaker, Dear Members of Parliament, Turning back to our analysis on economic and financial developments in the country, during and after the crisis, I would like to highlight a structural weakness of the Albanian economy  BIS central bankers’ speeches  5  that has accompanied it throughout the transition: high current account deficit and still low degree of our economy’s competitiveness in global markets. Today we live in a global world, with integrated capital, product and labour markets. As a developing country, Albania is facing (and will continue to face) a rising competition, not only in the region but also beyond it. In our opinion, the long-term sustained development of the country and reduction of our structural weaknesses, imply necessarily increase of competitiveness of the Albanian economy. Ongoing structural reforms should be driven by ambitious goals and a realistic time horizon. Structural reforms should aim at creating a more attractive climate for foreign and domestic investments, encouraging employment and further growth of welfare, providing:   A sustainable macroeconomic environment;    An efficient and reliable financial system;    A legal, complete and transparent functional framework;    A modern infrastructure;    A qualified and competitive workforce in terms of cost; and    A clear perspective for a faster integration into the European Union, which will open the way to convergence funds.

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.