learning, play an essential, if not the most important role, in the formulation of a national strategy in order to address the problem of financial illiteracy early on in an individual's life. further to the analysis undertaken by cbc staff in support of the work of the committee, online meetings and regular contacts have taken place between the committee and a team of distinguished scientific collaborators, who have specialised and international expertise in the field. namely, dr adele atkinson ( atkinson financial research and policy, formerly from the oecd ), dr maria demertzis ( deputy director at bruegel ), prof. michalis haliassos ( goethe university frankfurt ), prof. alexandros michaelides ( imperial college london ), and prof. dennis philip ( university of durham ) whom i have already mentioned. 2 / 4 bis - central bankers'speeches in addition to its foreign - based scientific collaborators, the committee has also reached out to other countries and international institutions in order to learn from their own experiences. the central bank of austria and the central bank of portugal have already been approached within the framework of close technical collaboration that the cbc agreed with certain national central banks governors of the euro area, soon after i took over as governor here in cyprus. as envisaged, the committee is currently in the process of drafting the national strategy proposal aiming towards the promotion of financial literacy for the population as a whole, as well as for specific target groups. the initial draft is expected to be ready towards the end of the year, while the committee is expected to submit the complete proposal to the council of ministers for endorsement soon thereafter. objectives and challenges ahead any big change in society requires bold decisions. there may be obstacles to overcome in order for the national strategy in cyprus to be fully implemented and it will take some time before we see the anticipated impact on society. these hindrances may be related to conflicting views of some stakeholders which should be carefully and appropriately addressed. another important factor which might generate difficulties, is the securement of credible and long - term sources of funding since the estimated cost for such an endeavour is envisaged to be high. active participation in this endeavour by the state and local authorities, academic institutions, private, non - profit and public organisations is crucial for its success. official endorsement is thus of paramount importance. the participation of private and not - for - profit stakeholders in the national strategy's implementation will be further supported by the development of a code of conduct and prior

agreement to specific protocols. a code of conduct is envisaged to provide a uniform framework for the contribution of stakeholders in order to achieve the common objectives set. public awareness on financial literacy through tailored campaigns is equally important, as it will facilitate the receptivity and usefulness of a national strategy for financial education. last but not least, a challenge lying ahead is the proper governance structure for the body that will undertake the implementation of the national strategy on financial literacy. international organisations such as the world bank2 have clearly opined that national strategies should be initiated, developed, and monitored by a credible and unbiased authority with financial education expertise and appropriate flexibility and resources. in many cases it is deemed that central banks can play such a role. concluding remarks at this point, i would like to emphasise once again my personal interest and my commitment to assist the committee's role in achieving its goals. enhancing the population's financial literacy is an ambitious but needed goal. through the cbc's 3 / 4 bis - central bankers'speeches actions over the past years and its coordinating role in the committee, we have shown that we consider the issue of utmost importance. moreover, in line with recommendations by international bodies such as the world bank, i would also like to express the willingness of the cbc to have a leading role in the implementation stage of the national strategy. i am positive that both the state and the private stakeholders share my belief that investing in financial literacy undoubtedly means investing in a sound financial future for our country and its people. it is now time for cyprus to take the bold step in this direction. i would like to wish you all a fruitful seminar and discussion. 1 panayiotis c. andreou & dennis philip, 2018. " financial knowledge among university students and implications for personal debt and fraudulent investments, " cyprus economic policy review, university of cyprus, economics research centre, vol. 12 ( 2 ), pages 3 - 23, december. 2 financial education programs and strategies approaches and available resources, january 2014, https : / / www. worldbank. org 4 / 4 bis - central bankers'speeches