However, this poses a new challenge for users with little prior experience with digital tools, or with little financial knowledge, as they will not be given personalised advice when engaging services. Mirroring what I have said, concern over citizens’ level of financial knowledge has been increasing in recent years. In developed and emerging countries financial education is viewed today as an essential element of stability and balanced economic development in society. On OECD recommendations, many countries have developed national financial education strategies. In Spain, since 2008, the Financial Education Plan has been rolled out by means of a collaboration agreement between the CNMV (National Securities Market Commission) and the Banco de España, subsequently entered into also by the Ministry of the Economy and Enterprise. We consider these efforts to be essential and wish to boost them further in the future. 4  It is widely known that the engagement of banking services is through standard form contracts, which hamper or prevent negotiation between the two parties. 11/13  In addition, it has been opted to integrate financial education into the compulsory secondary education system, and specific subjects address these matters in greater detail in higher secondary education. Notwithstanding these efforts, much clearly remains to be done.
Public opinion shifts rapidly from criticising banks for their mistakes – frequently, for the mistakes “inherited” from banks that disappeared some time back – to criticising them for not sufficiently easing the way for  4/13  credit to reach economic agents; indeed, for the risk of financial exclusion stemming from potential branch closures. Like the song, it would seem we can’t live with or without them. But the truth is, with or without criticism, the role of banks remains as essential today for our economy as it was 20 or 30 years ago. However, debate has arisen over the future role of banks, set against the emergence on the scene of the so-called Fintech. This can be seen as a threat or as an opportunity. I believe it entails both. But in any event, banks must evidently adapt their business model to technological change, as Gonzalo so rightly said. If instead of looking at the small, innovative and nimble Fintech, we assess the potential effect that the irruption of one of the so-called Big Tech may have on the system as a whole, the debate takes on a systemic dimension. In this connection, the recent announcement of the launch of the “Libra” project, the virtual currency sponsored by Facebook, has potentially systemic implications. These are so serious that supervisors, central banks and credit institutions must all evaluate the possible consequences. Evidently, we must be sure that the project will not compromise the integrity of payment systems and the stability of the system as a whole.