As I have said on previous occasions, I consider these efforts to be essential, and we wish to boost them further in the future. Clearly, much remains to be done, but we seem to be making progress. According to the 2018 PISA results, Spain has improved in terms of financial capabilities compared with 2015. Conclusion Allow me to conclude. The economic losses and the social problems ensuing from inappropriate conduct during the crisis should act as a powerful reminder that neither we supervisors nor banks can relax. If we are not to repeat past errors, there is no room for complacency. The regulatory and supervisory response has been to correct errors, align incentives and promote a cultural change in the model relating banks to customers, a change that should also be incorporated into their business model. These elements will only be effective given citizens with appropriate knowledge of financial matters. That will help individuals take decisions as rationally and responsibly as possible. With the possible exception of our wedding day, on no occasion do we enter into such a longterm commitment as when we sign a 30-year mortgage. Thank you. 6/6  BIS central bankers' speeches
Undergraduate opportunities to study Islamic finance or Shariah, either as a speciality or a major component of a business degree, should be readily available at local and foreign universities. The challenge is to provide programmes which keep pace with changes in financial innovation and technology. Meeting this need requires rigorous, extended programmes such as the post-graduate programmes in Islamic Finance and Financial Engineering with emphasis on Islamic banking principles. At the same time, relevant organizations can support such programmes by creating funds to sponsor promising students to pursue formal education, ranging from modular courses in Islamic finance to full post-graduate programmes. There is also a need to increase programmes and initiatives that provide education and training in Shariah. Islamic research organizations and financial institutions need to work towards developing a sufficient number of competent Shariah scholars who are equipped with sound knowledge and expertise in both Islamic jurisprudence and Islamic commercial laws to deal with innovative and cutting-edge products. There is also the need for extensive education of the consumer and business community. This would increase the outreach resulting in increased demand for new and innovative products and approaches. Malaysia has implemented a 10-year structured consumer education programme to increase the level of consumer awareness on the unique characteristics of Islamic financial products and the product choices offered by Islamic financial service providers. Increased awareness will drive the demand for a broader range of Islamic products and services customized to their requirements at more competitive prices and through more convenient channels.