Although in the recent period domestic savings has been picking up, still in most of the economies in the region it remains below the adequate levels needed to support stronger investments and increase the long-term potential of the economies. This is particularly relevant given the changing business models of the banks that imply a lower reliance on external sources of finance that may pose constraints for stronger credit support. Higher financial knowledge may also contribute to higher savings in capital market instruments and thus provide more balanced structure of corporate sector financing. Currently, the capital market depth in the region is hovering around 50% of GDP, being far below the EU average of around 200% of GDP. One of the Vienna Initiative reports highlights the importance of financial literacy for capital markets not just from the savings point of view (demand side), but also from the supply side. According to their estimates, financial literacy level is one of the three key factors that explain the lower use of alternative sources of financing in the region in comparison with the EU average. This once again proves that the need for financial education regionwide is indeed widespread, which means necessity of a larger scope of our activities, including the corporate sector, especially the small and medium-sized enterprises. Furthermore, the financial literacy supports the ongoing process of raising financial inclusion, which is deemed to be an important dimension for having stronger, sustainable and more inclusive growth where the benefits are shared by the wider community.

Given the lessons learned from the crisis and the evolving financial innovations, in the last decade central banks have played an increasing role in the coordinated activities of the national policymakers tilted 2/3  BIS central bankers' speeches  towards financial education and inclusion. Hence, central banks are active participants and promoters of the financial education process in almost all countries. The benefits are apparent: educated entities estimate risks and understand monetary policy stance better, the better the understanding of the economy and finances, the smoother the functioning of financial markets; the more efficient financial markets; the stronger monetary policy transmission and the credibility of the central bank. In this context, let me briefly touch upon several activities our institution has embarked on in this area. Financial education and financial inclusion have formally become part of our agenda. We have widened the scope of educational activities, by wider portfolio of educational articles, more inclusive approach to financial education and closer cooperation with other regulators. The National Bank supported the organization of the European Money Quiz for teenagers with educational activities for the teaching staff, and has been proud of our high school students who won the second place in Europe. Very importantly, there is an ongoing process of preparation of the National Strategy for Financial Education and Inclusion, which we believe will pave the way for more educated and more inclusive society. Dear guests, This workshop proves that apart from national initiatives to elevate and promote financial knowledge, regional initiatives are on board as well.