sufficiently. it ’ s a lack of collective vigilance, but also of solidarity, because warning a neighbour that their internal imbalances risk doing them no good, that ’ s what solidarity is. in the same way, governments can be inspired by reforms which have proven successful in other countries : why not benefit from that collective richness? have the member states, notably france, gone far enough in respect of structural reforms? the efforts undertaken are going in the right direction, but it ’ s no easy task. the countries of the euro area are facing a double challenge : preparing for the future by investing particularly in the digital economy, big data and the environmental transition, while managing the burden of the past, namely, public and private debts. their room for manoeuvre is therefore limited, and the factors supporting growth in the euro area today, the favourable financing conditions, cheap energy and the weakness of the euro, are by nature temporary. to secure the future, the measures that are likely to increase productivity and labour market participation have to be emphasised from now on. the ecb started its programme for purchasing public and private debt ( quantitative easing ) in march. is it working? the first months have been encouraging : contrary to what some were saying, we have had no difficulty finding assets to buy, indicators of the inflation expectations are showing signs of recovery, lending to non - financial corporations is trending upwards, the recovery trajectory is there to be seen and we expect inflation to move back towards 2 %. but we are only at the start of these asset purchases, which we plan to maintain until september 2016, and in any case until we see a sustained adjustment in the path of inflation, in line with our objective. it would be quite premature to start talking about the end of this programme. bis central bankers ’ speeches

allowance rather than spending it all ; • making a budget and planning ahead for something you want to buy ; • getting your parents to open bank and credit union accounts for you ; • understanding that interest accumulates and the money grows ; • life is about choices – ( very often it is about the video game or the pair of sneakers but not both ) ; and • you need to understand clearly that borrowing has a cost and that too much borrowing could lead to problems. for you, teachers and principals, i have seen the programme and i promise you that it is designed to teach the kids good habits about spending, saving and other money matters in an exciting, creative and interactive way. the sessions will be facilitated by the junior achievement body of trinidad & tobago ( ja ) and the consulting interface limited ( tcil ), organizations with very good track records in both the primary and secondary schools in trinidad and tobago. in the first phase of implementation, ja and tcil will present their material to a total of 96 primary schools with an estimated 5, 000 standard 2 students from the eight educational districts of trinidad and tobago. this phase is considered a pilot and will run for the current school term. at the end of this phase, the programme will be evaluated and changes made as necessary to enhance its effectiveness. it will then be rolled out to other primary schools. it is our hope that over time, the programme will form part of the school curriculum of all primary schools in the country. similar programmes are being planned for secondary and tertiary level students as well in the medium term. the financing for the programme will come primarily from the central bank and subventions from the government. however, because of its national dimension and to make the programme all - inclusive, we plan to ask the financial firms and other private corporations to collaborate with us in this worthwhile initiative. let me take this opportunity to thank you the principals, teachers, students present today for your implicit support of the programme. you are pioneers in an exciting journey directed towards improving the financial capability of the nation. let me also thank senator the honourable hazel manning and the ministry of education for enthusiastically approving this initiative. i would also like to recognize the commitment and hard work of the management committee of the financial literacy programme whose unstinting volunteer efforts are contributing to make all this possible. kids, as i said earlier, we in the bank are excited about this programme. we hope that we can get you even more excited and that you can spread this excitement