François Villeroy de Galhau: Special address on the French National Strategy for Financial Education Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the 4th OECD/GFLEC global policy research symposium to advance financial literacy "Addressing the needs of youth", Paris, 24 May 2017. * * * Accompanying slides. Your Highness (Queen Máxima of the Netherlands), Mr. Secretary General, ladies and gentlemen, I am delighted to be here with you today for this symposium on financial literacy. Indeed, French citizens have high expectations about financial education: [slide 2] 78% believe that financial literacy should be taught at school and 65% believe that access to it would reduce overindebtedness and financial vulnerability.1 Academic research by Annamaria Lusardi and Olivia Mitchell2 confirms its importance, as does our own research in France3 [slide 3]. If we consider the three "standard" questions used to assess awareness of interest rates, inflation and risk diversification, only 30% of those surveyed answered all three questions correctly, which is lower than in other European countries. Furthermore, in France some of the worst results were obtained by the youngest age group, as well as the oldest. However, there is more at stake: this represents a challenge for democracy. Providing our fellow citizens with the keys to understanding complex economic debates is a matter of respect.
BIS Review 137/2010  5  Nevertheless, several risks to home prices in the City remain. These risks include the ongoing completion of a considerable number of new apartment buildings – ones that were started at the end of the boom. Another risk comes from the slow pace of job growth in highpay sectors (including the securities industry) in New York City. Finally, during the boom, prices rose substantially faster than rents. Going forward, this disparity could exert downward pressure on home prices as renting has become a more affordable alternative. Conclusion In sum, after a recession that was milder than in many parts of the country, the region is showing signs of a modest recovery in New York, but little growth elsewhere. The housing sector played a pivotal role in the recent national downturn. In the region, the fact that housing activity has a smaller weight in the regional economy helped to limit the recession’s impact on many communities. Going forward, given housing’s significance to the well-being of people in our region and beyond, the New York Fed will continue to focus on the sector as we monitor regional and national economic conditions. Thank you for your kind attention. I will now ask James Orr to provide more details on current regional economic conditions. 6  BIS Review 137/2010