in the financial system. financial education is a powerful driver of empowerment of consumers ’ skills. it empowers them with tools and knowledge on how to manage and make their personal financial decisions and budget. smart financial planning such as the personal budget, savings, investments and retirement can help every household to enjoy better lives while diminishing financial shocks at the same time. financial education can play a key role in getting to these outcomes. the financial education supports not only the individual well - being, but also the financial stability in one economy. referring to the recent financial crisis, consumers that can make informed and sound decisions about financial products and services are helping to promote sounder bis central bankers ’ speeches economic stability. not only the consumers will gain knowledge through financial education, but more important is that they are assured of fair treatment. consumers need to apply the economic way of thinking while making their important financial decisions. in order to develop important skills, we need to provide them good quality education that will enrich their behavior with critical thinking and decision making skills as well. to provide contextual and conceptual effective financial education, we need to include financial education in the schools curriculums. financially literate consumers can assess risks and make informed decisions about the suitability of financial products to their specific situation. the individual responsibility for financial planning takes on greater importance. consumers need to clearly understand how the system works and what the new products really offer. at the institutional level, in 2011, the national bank of the republic of macedonia launched its own financial education project that has been growing and developing year after year, embracing many different activities mainly focusing on financial education for children and youth. we are trying to build financial capabilities among the population lunching the project that has a goal to raise the awareness for the importance of savings. at the national level, by improving the cooperation between the regulatory authorities, it is vital to ensure that the respective strategies are aligned to achieving the common goals of financial education and financial inclusion. since last year, there have been some efforts for institutional arrangements to bring authorities together in the coordinating body of the regulatory authorities for financial education in macedonia to secure a joint commitment towards clearly defined and measurable financial education and financial inclusion goals. with joint strength, we will establish national co - ordination frameworks, and our main goal is to define the national financial education and financial inclusion strategies. while we focus on financial education initiatives at the national level, equally important is that adequate attention be accorded at the global level. we begin

the governing council of the ecb should not be seen as a precedent for other eu - institutions. it is now up to the member states to ratify therecommendation according to their own constitutional procedure. let me add that, as the treaty of nice was already ratified, there seems to be no need for national referenda, something which should facilitate this gratification process. it is noteworthy, however, that both the commission and the ep favoured a more comprehensive revision of the functioning of the governing council in the framework of the upcoming intergovernmental conference. i will analyse the position of these two institutions in more detail. 3. 1. the commission's opinion on 19 february, roughly two weeks after the ecb made its recommendation, the commission issued a press release in which it indicated that, and i quote, " … the proposed model constitutes a step towards securing the continued efficiency of decision - making within the ecb in the perspective of enlargement. " the commission also emphasised that, and i quote, " … the severe limitations of the enabling clause of art. 10. 6. of the ecb statutes … more fundamental and comprehensive reform of the ecb's governance structures could not be envisaged on this basis, but can only be achieved in the wider framework of the convention and the upcoming igc. " on the same occasion, the commission reiterated also the importance it attaches to the " population " criterion, a matter i have dealt with above. 3. 2. the european parliament's opinion the ep rejected on 11 march the ecb's recommendation, notably on the grounds " that it has been widely criticised for being excessively complex ". in the short term the ep " … reaffirms the existing rule whereby all central bank governors of member states in the eurozone have full and unrestricted voting rights, and whereby the governing council of the ecb takes decisions by simple majority. " in the longer term, however, the ep " … calls for the adoption of a solution at the next intergovernmental conference, after consulting the ep, which would distinguish between operational decisions, to be taken by an enlarged executive board of nine members, adequately representing the euro area economy, and strategic and general monetary policy decisions, to be taken by the governing council acting on a double majority, based on the population of the member states, the total size of the economy and the relative size within it of the financial services sector