is that professional cash handlers have only little knowledge of security features and that they focus on classical features such as watermark, intaglio print or security thread. the slogan “ feel - look - tilt ”, which should remind them of several security features, is hardly known, and the terminology in brochures is often too technical. on the other hand, people do want more information, so it is the task of a central bank to offer this in an appropriate way. we see counterfeit prevention as an ongoing requirement. regular updates of information with respect to the techniques used by counterfeiters are crucial. for this reason we have decided to play a proactive role and to offer target group - specific training sessions. although addressed primarily to professional cash handlers, anybody may attend such a training. furthermore, the bundesbank is also on hand with appropriate information on this topic at public exhibition trade fairs and similar events. as germany has approximately 82. 5 million inhabitants and about 48, 000 bank branches, we cannot offer training centrally. we therefore involve the staff from our branches, which provides us with a total pool of 200 trainers who are themselves trained by our central office ’ s counterfeit experts. training sessions are held at our branches, although our trainers can also visit interested companies at their premises on request. we also constantly encourage our branches to hold “ open days ” in order to give members of the general public the opportunity to improve their skills in recognising counterfeit money. this offer meets with a high take - up among professional cash handlers and the general public : we conduct almost 100 training sessions per month, each of them attracting an average of 20 participants. there are many media which can be used for spreading information and publicising our “ product ” ( the training ). it is important that we are able to deliver unbiased and correct information, decreasing the likelihood of exaggeration in the press and avoiding any public overreaction such as shopkeepers refusing to accept a specific denomination. last but not least we support the developers, manufacturers and vendors of counterfeit detection devices by offering detection tests for their machines free of charge at our premises. the central banks of the eurosystem have introduced common standards for these tests, including a harmonised test pack of counterfeit and genuine banknotes. the test results will be published on a joint eurosystem website which will be accessible to everybody. we also expect further improvement of these devices thanks to competition between the manufacturers

constantinos herodotou : the significance of being financially literate and national strategies for achieving it introduction ( virtual ) by mr constantinos herodotou, governor of the central bank of cyprus, in the cyprus economic society seminar, 21 october 2021. * * * introduction i would like to thank the cyprus economic society for offering me the opportunity to introduce today's seminar, which i believe timely addresses an extremely important economic and social theme. the issue of promoting financial literacy and the role of national strategies to achieve it are of course, relevant not only to cyprus but also globally. dr chiara monticone, a senior policy analyst of the oecd and a practitioner in the field of financial literacy with global expertise and professor dennis philip, who teaches finance at durham university business school, an acclaimed academic in financial literacy and close collaborator of the central bank of cyprus, will have, i am sure, excellent contributions on the subject. according to a definition associated with the oecd, financial literacy is the ability of an individual to combine appropriate knowledge and skills, rational behaviour and attitudes necessary to make sound economic and financial decisions and ultimately achieve individual financial wellbeing. as more individuals operate prudently and comprehend the workings and functioning of the financial system, including how to use its services and products appropriately and efficiently, the broader economic system and society, as a whole, benefit. therefore, financial literacy can be seen as a key element for a wellfunctioning economic system and thus as a prerequisite for sustainable economic growth and financial wellbeing of individuals. the establishment of the ad - hoc committee to prepare the national strategy for financial literacy in cyprus recognising the seriousness of the issue, state authorities around the globe have taken actions in order to enhance financial literacy among the wider population. a typical response to the challenge, is the establishment of a national strategy for financial literacy in which a number of public and private stakeholders are involved. up until recently, no such organised effort had been initiated in the case of cyprus. even though a number of initiatives have been undertaken by various stakeholders, these significant and valuable efforts have been limited in scope and without the necessary coordination for a truly effective impact on society as a whole. to this end, following an invitation by the parliamentary committee of education and culture, an ad - hoc committee for the formulation of a national strategy for the promotion of financial literacy and financial education in cyprus was established in december 2020. the committee consists of members from the central