flows will be scrutinized by regulators for type of investment and whether direct or passive. also complexity of investment products will draw special attention. as for inward investment flows, regulators will put some type of filters to prevent hot money, or huge inflows followed by quick outflow of funds. banking regulations will probably be amended in the coming few months. i believe, the smaller economy countries will steer their banking system towards lowering the growth rate of loans and advances plus investments versus stable deposits. investment banking business, on the other hand will be subjected to a great deal of more regulations than in the past. in summary, i think that the present global financial crisis will impact globalization of financial services, as many restrictions will be put in place in many countries including the g7 countries, which might open a window of opportunity for countries in our region or the wider area. second : cross - border investment flows cross - border investment flows should be welcomed by recipient countries and encouraged by source countries, as many countries in our area need to set rules to enable the establishment of large projects for the purpose of creating jobs. that will also enhance peace and stability on the national level, which will certainly improve the prospects for the regions in this vast area. any help by the world bank in improving and unifying investment laws in addition to watching their implementation, will go a long way in achieving this important regional objective. sovereign wealth fund source countries should also be interested in investing in mega projects in the region for three reasons, as follows : 1. the global financial crisis proved that investments through industrialized advanced countries ’ investment banks are not totally risk free. 2. there is a need within swf source countries to safe guard flow of food imports at reasonable prices, and the possibility for incorporating companies as direct investment projects in countries in the region is a realistic possibility, when investment laws are enacted and maintained at international standards. 3. swf source countries should be interested in the maintenance of social order, peace and stability in the regions of this area. another reason that makes me think that swfs from our region might change the flow of their direct investments, is that once we see the proposed regulations re sovereign wealth funds in the industrialized advanced economies start being implemented, when economies in the west start doing well, more questions will be asked and more forms will become necessary to fill and more disclosure and transparency will be demanded. this behavior will signal that there is no strong need for foreign capital in the west, and that the

governors and regional reserve bank presidents in a mock meeting of the federal open market committee. participating reserve banks work in partnership with the board to bring the winning teams to washington, where the final rounds of competition will be held here in the board room. i have had the opportunity on several occasions to serve as a judge in the national finals of the fed challenge, and i can attest that the economic knowledge displayed by the students in that competition is remarkable indeed. the board also recently collaborated with many of the reserve banks on a redesigned federal reserve financial education web portal that brings many of the system ’ s resources for financial education together in one location. the site, federalreserveeducation. org, offers easy access to educational resources designed to benefit not only students, but also parents and teachers. we will continue to work to expand the resources and programs devoted to this important public purpose. i want to take this opportunity to thank the jump $ tart coalition and their partners for their continued support and commitment to furthering the financial education of our youth. now, it is with great pleasure that i introduce to you laura levine, executive director of the coalition, who will give a report on the status of financial education of youth in this country.