It is along the lines required to give credibility to the process, although to ensure that the budgetary targets are realistic, all economic agents must be convinced that, in the event of deviations occurring, all necessary measures will be taken to achieve such objectives. Lastly, and more clearly than  BIS Review 124/2009  5  on any other occasion, I must reiterate what I have said in all my previous Budget-related appearances: given the high degree of decentralisation of the State in Spain, it is of paramount importance that the territorial tiers of government should also commit themselves to reducing the deficit through compliance with the provisions laid down in budgetary stability legislation. The attention I have given to budgetary policy, in step with the rationale behind this appearance, should not however obscure one particular fact. This is namely that, at present, the main instrument available to the national economic authorities to address the crisis, strengthen the chances of recovery and push through fiscal consolidation plans are supplyside and structural reform policies, geared primarily to improving employment-generation capacity, facilitating change in the weight of productive activities and increasing the economy's efficiency and productivity. The future of the Spanish economy will turn to a great extent on these policies, not just in the long run but more immediately, where the structural strengths and weaknesses of the different economies inside and outside the euro area will be highlighted.
Lastly, I must add ignorance as another essential cause of improper financial behavior. Even with a well-designed financial education program with meaningful messages and effective delivery channels, financial literacy cannot be achieved if consumers neglect the necessity and benefits of appropriate personal financial management. All in all, desirable financial behavior is sometimes well known, but less likely to be implemented by consumers themselves. It is similar to living a healthy lifestyle. We know that healthy food and exercise are good for us, but we don’t do it. Hence, a solution to the improvement in financial behavior remains a challenging puzzle for many of the policy makers and practitioners to find the right solutions for various groups of people. Ladies and Gentlemen, I truly believe that this seminar would allow an invaluable opportunity for us to learn how to solve these puzzles from honorable speakers who have come a long way to share with us their enriching experiences and lessons-learnt. The achievement of effective financial education and behavioral change would eventually drive the global community towards a more financial- literate and disciplined population who would help ensure sustainable growth and equality in our society. Lastly, I wish the seminar a great success. I also wish to express my sincere appreciation for all of your endless efforts in promoting financial inclusion and financial literacy. Thank you. 2  BIS central bankers’ speeches