the cbc and external scientific collaborators, all of whom are here with us today. the formulation of the national strategy drew heavily from the results of the cbc survey on financial literacy. a key finding of the survey was that the average financial knowledge score in cyprus is below the minimum level considered by the oecd as sufficient for someone to be counted as financially literate. the results of the survey also indicate specific population groups, which are in greater need for financial education such as the young, the unemployed, women, low income and lower 2 / 5 bis - central bankers'speeches education citizens, and individuals who did not take economics courses during secondary education. they also indicate specific domains where lack of financial knowledge is evident, namely, interest compounding and diversification. one of the main parameters of the national strategy to promote financial literacy and financial education in cyprus relates to the need of the establishment of a permanent committee, which will be responsible for the national strategy implementation. the ad hoc committee continues to operate for a transitional period until this permanent committee is convened. for the time being, significant preparatory work has been undertaken by the cbc, particularly as regards the designing of the detailed governance structure of the new permanent committee. another piece of preparatory work undertaken since the adoption of the national strategy last june, is the launching of an oecd technical assistance project, in the context of a 250, 000 euro grant from the european commission, in relation to the implementation of specific actions for the promotion of financial literacy in cyprus. the work on the agreed pillars of the project is progressing according to plan, with close collaboration between cbc staff and oecd technocrats. these pillars are, first, the conduct of an updated national survey on financial literacy in cyprus, second, the development of a website and application for smart devices that would provide useful information and financial calculators and tools to the public, and third, the development of a " train the trainers " program for adults, which would focus on strengthening financial education. the abovementioned preparatory work undertaken at the cbc, will be utilised as input by the permanent committee for the implementation of the national strategy in cyprus. in addition to this work, let me also mention a few other areas related to financial literacy where the cbc is currently actively involved. first, since 2022 the cbc has assumed a coordinating role for the global money week in cyprus, a global public - awareness campaign coordinated by the oecd annually, aiming at raising awareness among young people on the

constantinos herodotou : speech - visit ms lagarde speech by mr constantinos herodotou, governor of the central bank of cyprus, during ms lagarde visit to cyprus, nicosia, 30 march 2022. * * * it is such an honour for me to welcome to cyprus a prominent european citizen. a reputable lawyer, a successful policy maker both during her term as a finance minister, as well as while being head of the imf and the ecb. a great leader who during a turbulent time of serious and consecutive crises is steering us towards a better european union, a more prosperous eurozone and a more stable eurosystem. we welcome today the president of the european central bank, christine lagarde. i would like to express to you, dear president my sincere gratitude for accepting my invitation to visit cyprus. you visit our island as the head of the european central bank, is something that bears a twofold significance. firstly, it emphasizes that in the effort to overcome the common challenges we face, all european countries stand together and united. we are working in a coordinated manner, in close collaboration and aware of the difficulties we encounter, both large and small countries, as one european family. secondly, it is a recognition of the active role of cyprus - and allow me to say the central bank of cyprus in particular – in contributing to the shaping of the common european monetary strategy. and this is an acknowledgment that fills us with great satisfaction. when i addressed the invitation to madame lagarde to visit cyprus a few months ago, i could not have imagined how much more complicated the situation would be today. at the beginning of the year, the economic confidence was improving and the gdp growth rate was recovering fast. the war in ukraine however changed everything. it has first and foremost caused a humanitarian tragedy, which we, as cypriots, can relate to since we have gone through a similar situation with the turkish invasion back in 1974. it has also shaped an economic landscape of higher risks and uncertainties. the situation calls for a strategy that goes far beyond the financial technical sphere, reaching to the core of our european values. i am confident that once again, as we did recently with the pandemic, the eurozone will manage to address the challenges and come stronger out of this crisis. the most recent ecb policies have successfully guided the euro area economies out of the pandemic shock with the minimum possible scarring. both