speeches channels – schools, community events, workplace talks, newspapers, tv, radio, and now increasingly the internet – to reach out in every way we can to as many singaporeans as possible. 12. we set up a new institute last year called the institute for financial literacy ( ifl ) which was set up jointly by moneysense and the singapore polytechnic. this institute has helped to bring financial education to working adults, who don ’ t have much time, but they can attend lunchtime talks and workshops free of charge at their workplace. to date, ifl had reached out to 12, 000 people. translating knowledge into action 13. what will be our focus for the next 10 years? first, we have to recognise that financial education is not just about knowledge, but also about inculcating the right values from young, and encouraging everyone to be pro - active rather than passive about their finances. at every income level and for every family, it really pays to prepare for the future. 14. many think that they don ’ t have enough time, or just say they are not interested, or that there ’ s too much to plan for because it ’ s too uncertain. but it ’ s precisely because life has uncertainties that we need to make plans for the future. we need contingency plans. 15. so we will focus, for the next ten years, on three areas. first, we must start earlier, with teenagers. forming the right attitudes towards spending and saving early in life goes a long way. 16. starting from next year, the ministry of education will introduce food and consumer education ( fce ) for all secondary one and two students. this is a way of teaching them life skills that they ’ ll find very helpful. a key objective is to inculcate basic financial literacy in our students, at a time when they are starting to think of ways of using money. moneysense is working closely with the moe and nie to equip teachers with the relevant skills and knowledge, so they can help the children with money management skills. this is the first objective, start early when they are teenagers. 17. second, we must deliver targeted financial education messages at key points in a person ’ s life, for instance, when couples intend to get married, to plan for wedding expenses, which can be very large if we are not careful ; and later, when they are buying a flat, how to make sure they can buy an affordable flat

raise productivity, both the implementation of product and labour market reforms and actions to improve the business environment for firms need to gain momentum in several countries. a swift and effective implementation of these reforms, in an environment of accommodative monetary policy, will not only lead to higher sustainable economic growth in the euro area but bis central bankers ’ speeches will also raise expectations of permanently higher incomes. therefore, it will encourage both households to expand consumption and firms to increase investment today, thus reinforcing the current cyclical economic recovery. as concerns fiscal developments, reflecting mainly the cyclical recovery and the low level of interest rates, the aggregate euro area general government deficit ratio is projected to decline gradually from 2. 1 % of gdp this year to 1. 5 % in 2017. the general government debt ratio is projected to decline gradually from 91. 5 % of gdp this year to 88. 4 % in 2017. fiscal policies should support the economic recovery while remaining in compliance with the stability and growth pact. full and consistent implementation of the pact is key for confidence in our fiscal framework. we are now at your disposal for questions. bis central bankers ’ speeches