group of national experts that wrote the core financial competence framework for the adult population in the european union. a project presented by the european commission and supported by the international network on financial education. we are committed to incorporating the framework into our national financial literacy strategy. the pandemic was a reminder that the world is fundamentally unpredictable, and that financial literacy is an essential tool for managing personal finances to prepare for the unexpected. additionally, consumers are facing a surge in inflation and an increase in interest rates, which reduces purchasing power, but increases investment opportunities. to promote financial resilience, our financial education initiatives have been focused on the importance of budgeting and building up savings, and on the responsible use of credit to prevent over - indebtedness. our training courses cover wide audiences, but with special attention to the most vulnerable. sustainable finances have recently been integrated into our financial literacy agenda. it is clear that sustainability issues and individuals'sustainability preferences are particularly relevant to personal finances. in our activities, adults are challenged to channel savings to sustainable projects and are made aware of their important contribution in preventing greenwashing. realising that digitalisation has been reshaping the financial services, digital financial literacy is a priority in our agenda since 2016. digital payments have become the gateway to a broader digital finance system, enabling access to savings, credit and other financial products " a click away ". in 2018, we launched a comprehensive campaign targeting youngsters, who are techsavvy and feel comfortable with digital financial services, but tend to overlook security risks and lack financial literacy. with the experience gained from pooling efforts with other stakeholders for over ten years, we are confident that we can make a difference in people's lives. in 2011, portugal launched the first wave of the national strategy to promote the financial literacy. by adopting an inclusive and flexible framework, we received the support of a large group of stakeholders, including ministries, consumer and financial sector associations and ngos. this network is growing in number every year, allowing us to scale up the different initiatives and respond to the need for mass access to financial literacy initiatives. following oecd recommendations, we have been revising our national strategy every 5 years. these revisions took into account the results of national surveys, which were 2 / 3 bis - central bankers'speeches conducted in 2010, 2015 and 2020. portugal also participated in the first survey conducted by the ocde to measure financial literacy of entrepreneurs of micro, small and medium sized firms. in

julia kiraly : a policy recipe for successful convergence of cesee countries 1 in the post crisis world speech by ms julia kiraly, deputy governor of magyar nemzeti bank ( the central bank of hungary ), at the conference on european economic integration ( ceei ) 2010, vienna, 15 november 2010. * * * i would like to thank the contribution of my colleagues csajbok, attila and kovacs, andras mihaly. dear ladies and gentlemen, first of all, i would like to thank for the opportunity of being invited to this very interesting conference. the topic “ catching - up strategies after the crisis ” could not be more relevant. as i will argue in the next few minutes, we should not consider the financial crisis as something fading quickly away, its aftermath will most probably stay with us for several years. let me put it another way, my impression is that the crisis clearly changed the rules of the game for countries with the intention to converge to western - european income levels. this road will be much bumpier compared to what it seemed from the past, therefore it requires a very conscious strategy in policy making. in the next few minutes i would speak about four interrelated topics. first, i sketch the new rules of the game in the post crisis world. second, monetary policy options and macroprudential challenges in the years ahead will be outlined. finally, i would make a few remarks regarding my opinion on euro - area accession. most remarks of mine, i believe will be general, valid for all cesee countries. others will be more valid for countries with high fx debt burden. taking stock of the starting position : the financial crisis forces changes in the convergence model of cesee countries the financial crisis brought a reassessment of risk attitude toward debt financing. those countries, where real convergence was accompanied by current account deficits and excessive debt flows did face deeper recession. the reliance of cesee countries on foreign funding depended on two key elements of macroeconomic framework : fiscal and exchange rate policies. countries with tight fiscal policies and low government debt ratios ceteris paribus had lower external imbalances ( for example czech republic and poland versus hungary ). second, flexible exchange rate system ceteris paribus helped avoiding large credit booms ( flexible inflation targeting versus currency board regimes ). naturally, these two parameters do not capture all the relevant information on whether a country became fragile in macroeconomic terms prior to