the amount of money they report they save weekly. the financial education course did significantly raise the proportion of pupils who talk to their parents about economic matters. after having followed the course, the percentage of pupils doing a job at home to obtain income also increased, which suggests that financial education may lead to greater pupil involvement in their household ’ s financial matters. a change in pupils ’ attitudes was detected regarding their temporary consumption preferences six months after the financial education course, with their “ patience ” increasing when it came to hypothetical money choices. this observed result did not disappear in an exercise performed three months afterwards, in which it was an initial pilot programme was carried out in 2010 - 2011. bover, o., l. hospido and e. villanueva ( 2018 ) : " the impact of high school financial education on financial knowledge and choices : evidence from a randomized trial in spain ", banco de espana wp 1801. 7 / 8 proposed to students that they distribute their present and future consumption with real payments. 10 these results point to the pertinence of monitoring over time the pupils evaluated, with the aim of analysing the effects of financial education in the long term. this is in light of the potential significance of consumer attitudes in financial decision - making throughout the life - cycle of individuals. indeed, such monitoring has already been implemented and will result in the improved implementation of the programme at educational centres and the improvement, in turn, of the evaluation of the survey as a whole. conclusion allow me to draw some conclusions. the results of the survey of financial competences show that a very broad group of spaniards are not familiar with basic financial concepts that are essential for informed decision - making in respect of investment and debt. the lack of financial knowledge is particularly high among youths and the over - 65s. these results justify financial education actions focusing particularly on these groups, as has been the case with the financial education programme developed by the banco de espana and the cnmv in recent years. in any event, it is crucial to systematically evaluate the measures adopted in order to identify and prioritise those which are most evidently effective. the regular and rigorous evaluation of public policies is vital for a better definition of their effectiveness, and access to reliable statistical sources is an essential step for performing these evaluations. all institutions should contribute, within the scope available to us, to making progress in this area. in any event, i should clarify that the financial education programme is only a part of

sector, or are joint ventures between private investors and the government. in principle, commercial infrastructure projects can be financed independently of governments, provided that potential creditors are convinced that the project will generate sufficient revenues over the long term to service its debt in full, as well as meeting its other costs. furthermore, these types of projects may benefit from financing that is specifically structured to meet the idiosyncratic requirements of the project, especially in terms of its cash flow and upfront capital expenditures. hence it may be more optimal for finance to be raised through bank loans or syndicated bank loans, rather than through bonds. commercial projects are often financed with foreign currency denominated loans raised on external capital markets, either because the quantum of finance required is too large to be mobilised domestically or due to a large share of the capital costs of the project taking the form of foreign currency payments. if debt is contracted in foreign currency, the government must provide a commitment that the debtor will always be able to purchase foreign currency to service its debt and that no capital account restrictions will be imposed to prevent the debtor from paying its creditors. beside the commercial viability of the infrastructure project, the other key requirement for raising finance for commercial projects is an institutional framework that guarantees the legal rights of creditors, including appropriate legislation and honest and efficient commercial courts. if the domestic legal framework is not perceived as being adequate, creditors may require that any disputes be settled in a foreign jurisdiction. a key feature of many, although not all, commercial infrastructure projects is that they operate in monopsonistic markets ; for technical reasons they can sell their output to only one customer, which is often a state owned enterprise. this is usually the case for power generation projects. as a consequence, the project is vulnerable to the abuse by the monopsonist of its market power, which could have serious consequences for the commercial viability of the project and thus its ability to service its debt. to safeguard the viability of the project, it will usually be necessary for the monopsonistic user of the infrastructure services to sign a legally binding long term agreement to buy the services at predetermined prices. again, if these agreements are to be credible, the local legal system must be able to enforce their implementation. finally i would like to make a few remarks about public private partnerships ( ppps ) as a vehicle for building infrastructure projects. there are several sound reasons for using ppps to develop some infrastructure projects. in particular, projects