As you know, Switzerland, like Israel, is a small open economy, and I emphasize both the words small and open. Indeed, we are widely open. Nearly half of our national income is generated abroad, and the European Union is by far our largest foreign partner. About two thirds of our exports head in that direction, and we are one of the best customers of the EU. We are also very small, meaning that although we have no significant impact on the rest of Europe, we are very exposed to foreign shocks, whether they are real or monetary in nature. Our activity is highly correlated with that of the eurozone. Under these conditions, would the SNB still be in a position to conduct an independent monetary policy? Would it be realistic to expect the SNB to follow a course that deviated from the one set by the European Central Bank, or would the SNB be forced to shadow the actions of the ECB? The question of an independent monetary policy is not just a matter of safeguarding the appeal and the prestige of our jobs as Swiss central bankers. The stakes are much higher. For one thing, even if Swiss activity and economic conditions more generally are highly correlated with events in Europe, the correlation is less than perfect. Our economy, although offering many similarities with those of Germany, France, and Italy, also has its specific features. Thus, Switzerland is very well endowed with physical and human capital.
One of the main parameters of the National Strategy to promote financial literacy and financial education in Cyprus relates to the need of the establishment of a permanent Committee, which will be responsible for the national strategy implementation. The ad hoc Committee continues to operate for a transitional period until this permanent Committee is convened. For the time being, significant preparatory work has been undertaken by the CBC, particularly as regards the designing of the detailed governance structure of the new permanent Committee. Another piece of preparatory work undertaken since the adoption of the National Strategy last June, is the launching of an OECD technical assistance project, in the context of a 250,000 euro grant from the European Commission, in relation to the implementation of specific actions for the promotion of financial literacy in Cyprus. The work on the agreed pillars of the project is progressing according to plan, with close collaboration between CBC staff and OECD technocrats. These pillars are, first, the conduct of an updated national survey on financial literacy in Cyprus, second, the development of a website and application for smart devices that would provide useful information and financial calculators and tools to the public, and third, the development of a "train the trainers" program for adults, which would focus on strengthening financial education. The abovementioned preparatory work undertaken at the CBC, will be utilised as input by the permanent Committee for the implementation of the National Strategy in Cyprus.