the conference speakers will be touching on many pertinent topics, including the macroeconomic outlook and investment implications, asset allocation strategies in a world of low bond yields, and whether there is a right level of asset risks that insurers should assume. 28. the inaugural asia investment management summit for insurers, organized by asia insurance review here in singapore, is very timely. it will be an extremely useful platform for all stakeholders to engage in constructive dialogue on how we can navigate the current environment successfully. on this note, i wish all of you a rewarding and fruitful conference. thank you. bis central bankers ’ speeches

alan greenspan : financial education remarks by mr alan greenspan, chairman of the board of governors of the us federal reserve system, at the 33rd annual legislative conference of the congressional black caucus, washington, dc, 26 september 2003. * * * i am pleased to be here today to discuss the importance of financial education for consumers. forty years ago, dr. martin luther king, jr., challenged this nation to fulfill its promise of freedom and equality for all citizens, to ensure that all americans are able to participate in day - by - day business without being hampered by debilitating discrimination. in those forty years we have witnessed a great deal of change. however, the momentous goal of ensuring that everyone has access to the benefits of our free and efficient market economy has yet to be achieved and remains as relevant today as it was in august of 1963, when marchers gathered around the lincoln memorial. increasing economic prospects for people in traditionally underserved neighborhoods and granting every individual the opportunity to succeed remains crucial to our national well - being. a strong and effective system of education is one fundamental way to strengthen our economy and raise living standards. and education about personal finance that helps consumers of all ages meet the challenges and demands of our increasingly knowledge - based economy is one important component of such a system. trends in consumer finances today's financial world is highly complex when compared with that of a generation ago. forty years ago, a simple understanding of how to maintain a checking and savings account at local banks and savings institutions may have been sufficient. now, consumers must be able to differentiate between a wide range of financial products and services, and providers of those products and services. previous, less - indebted generations may not have needed a comprehensive understanding of such aspects of credit as the impact of compounding interest and the implications of mismanaging credit accounts. today, however, the advance of telecommunications technologies and the development of other new technological tools have broadened the availability of credit and other banking services. more generally, these advances mean consumers must be familiar with the role that computers play in the conduct of every traditional financial transaction, from withdrawing funds to borrowing. data, both empirical and anecdotal, point to trends in consumer financial conditions that have caused concern among some consumer groups. household debt has risen appreciably in recent years. while analyses suggest that, overall, the level of debt is being serviced adequately, a record number of nonbusiness bankruptcy filings reveals that many consumers