Let me also add that IVASS is now planning an exercise to measure insurance literacy, a still underexplored dimension of financial capability; even if it is a novel concept, it could become an international benchmark. I would like to stress that, as international experience shows, single institutions cannot fill all the gaps: a nationally-coordinated approach to financial education is a key factor for success.
After all, experience has shown that in an upturn it is often not possible to repay debt that was incurred in a downturn to stabilise the economy. In turn, there is less pressure on monetary policymakers to support expansionary fiscal policy by easing monetary policy. Monetary policy can thus become more stable. 7.