In sum, the ECB faced an environment where there was both an increasing need to counter demand shocks, and an increasing burden on monetary policy to do so. Our strategy therefore  had to adapt to these new circumstances in order to continue delivering our aim.
A few years back, at international fora, we debated the importance of central banks and financial regulators becoming involved in financial education initiatives. This is no longer an issue, as it is widely accepted that it should be so. More financial literacy helps citizens choose more suitable financial products, thus contributing to maintain financial stability and sustained economic growth.