01. 07. 2022 closing ceremony of the academic year 2021 - 2022 centro de estudios monetarios y financieros ( cemfi ) pablo hernandez de cos governor good afternoon rector and colleagues. and good afternoon class of 2022. it is a pleasure for me to participate in this graduation ceremony together with carlos andradas, rector of the universidad internacional menendez pelayo, and rafael repullo, director of the cemfi. i would especially like to thank carlos andradas for being here today. as you know the main activity of the universidad internacional menendez pelayo takes place in the summer in the delightful, charming and vibrant city of santander ( you can take this description at face value, with no need to apply a haircut due to my own origins in the region ). so i greatly appreciate his coming to madrid to participate in this graduation ceremony. the partnership of the cemfi with the universidad internacional menendez pelayo, dating back to 2006, has been instrumental in improving our ability to attract first - rate students and the quality of our graduate programme, and i am very grateful for this. our society needs this constant drive for excellence, especially in the present circumstances. these are difficult times. following the covid - 19 pandemic and its economic consequences, the russian invasion of ukraine last february has provided a further negative shock, heightening uncertainty and worsening inflationary pressures and growth prospects. this is a particularly challenging environment for economic policy. to address current structural and cyclical challenges we need to rely on the analysis and advice of well - trained economists whether they are in the academia, in the public administration, central banks or the private sector. this is why it is so important to have academic institutions like cemfi, that produce groundbreaking research and invest heavily in boosting the single most important determinant of economic growth : human capital. students of the class of 2022, what you take from here – your knowledge and the tools needed to analyse and understand reality – is the accumulated capital stemming from what is probably the most important investment you will make in your whole life. you have invested your time and effort. and the yield on this investment will be a wide array of opportunities. but, above all, this human capital you now possess is something that nobody can take away from you. it will accompany you everywhere you go and you can apply it in every endeavour you may undertake.

03. 10. 2016 second financial education day banco de espana / cnmv luis m. linde governor good morning i would like to begin by saying how pleased i am to be participating in this celebration of the financial education day. the purpose of this event is to raise society ’ s awareness of the importance of improving and broadening financial and, more generally, economic knowledge, helping people take decisions that affect many aspects of our lives. at times like the present, characterised by the constant evolution and development of saving and borrowing instruments, the ability to correctly assess the risk and profitability of different financial products is particularly important. indeed, different products may be more or less appropriate depending on an individual ’ s risk exposure profile, age and income. the role of experience when choosing products is limited, since we are frequently faced with new products or products with features that are not well known. i would like to stress that the main purpose of financial education is not to train experts in how to understand complex products, but to help ordinary people with their spending, saving and investment decisions. particular prominence is given in financial education to aspects such as preparing a household budget, prudence when taking decisions, the assumption that higher returns are generally associated with higher risks, and, no less importantly, the time profile of economic decisions, and, specifically, preparation for retirement, which is obviously very important given current demographic trends and the challenges of population ageing. background and current situation of the financial education plan the gestation and promotion of financial education started in 2008 with a project initiated by the national securities market commission and the banco de espana, joined subsequently by the ministry of economic affairs and competitiveness. after its renewal in june 2013, a plan of activities was drawn up for the period 2013 - 2017, demonstrating a clear intention of continuity. the plan addresses two closely related aspects : the assessment and measurement of the financial literacy of young people and of adults. activities in the education system financial literacy consists of knowledge and skills that enable individuals to take informed decisions. one indication of the level of competence relates to young people ( 15 - 16 years old ), and was obtained in 2012 within the framework of the pisa study of financial literacy. from this test, which reflects skills related to the use of means of payment and the understanding of risk, a number of conclusions were drawn, two of which i wish to highlight : 3 / 5 in every country for which information is available, the financial literacy of the youngest generation is not significantly better