Socially irresponsible behaviour by financial institutions played a major part in causing the financial crisis, which has developed into a serious economic, social and political crisis. Financial innovation and a general lack of transparency in the system have made it hard for the people of Europe to understand what is in any case an inherently complex and globalised market, overwhelmed by a vast range of financial products.
Financial education is a strategic tool which should go hand in hand with the new process of better regulation of the financial system. A more robust, safe and transparent financial system needs responsible consumers who are actively involved in improving their financial awareness.
President of the Section for Economic and Monetary Union and Economic and Social Cohesion, EESC