this two - day regional conference with our vision firmly focused on our long - term goal of universal access for children and youth to financial services. this event provides an opportunity that brings together knowledge, expertise and best practices from all across the europe and central asia that i am sure will prove useful for all of you here and will provide fruitful meetings, interesting sessions and most importantly – will make an impact. thank you very much! bis central bankers ’ speeches

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