Other policy-makers, however, also have to recognize their responsibilities. I could refer to the completion of the banking union, the proposal for shared fiscal responsibility outlined in the Five Presidents’ Report and the continued implementation of structural reforms to enhance product market competition, improve educational systems, raise the efficiency of the judicial system, promote financial literacy and so on.
An increasingly complex global financial system requires consumers to have a strong working knowledge of financial concepts. To highlight the importance of financial education and to make people aware of the multitude of financial education resources that are available to them, the Federal Reserve System launched a national public campaign that began in May 2003.