. let me highlight some other topics and presentations of this conference which are of great interest for me as a policy maker and practitioner. we have presentations on the application of text analysis to better understand historic financial crises and to assess bank networks during the covid crisis. the development of new tools is what drives science forward. we have presentations related to cyber risks, climate change and the financing of green transition. i don´t need to emphasize the importance of these topics. and we have presentations related to macroprudential policy and its design. for macroprudential policy makers like myself, the insights of such a research are invaluable. and we have much more. i wish all of you a very fruitful and productive conference. 3 / 3 bis central bankers'speeches

marja nykanen : black swans and grey rhinos - lessons of crises on macroprudential policy opening remarks by ms marja nykanen, deputy governor of the bank of finland, at the conference on systemic risk analytics, helsinki, 5 may 2022. * * * good morning, ladies and gentlemen. i am happy to see so many of you here in helsinki. i also warmly welcome all of you participating online. dear audience, in late january i gave a speech in a seminar, whose topic was black swans in financial markets. as you well know, black swans are unforeseen events with extreme consequences. at the time of the seminar in january, the black swan everyone had in mind was of course the covid - 19 pandemic. in my speech back then, i discussed how the covid - 19 and another black swan – the global financial crisis that started less than 15 years ago – have shaped our thinking of financial regulation, crisis response and macroprudential policies. i also talked about another concept from the natural world, the grey rhinos. a grey rhino can be defined as a well - known and slowmoving risk that can cause or amplify financial or other crises, if it´s ignored long enough. for example, high household indebtedness and climate change can become grey rhinos if we don´t act decisively to slow them. since black swans are, by definition, unforeseeable, neither i nor other participants of the seminar could foresee that the next black swan was about to emerge only one month later. russia´s brutal assault on ukraine has shocked the world, caused immeasurable human suffering, and is changing the way we see geopolitical risks, cyber security, national security and transition to green energy, among other things. in these opening remarks, i will return to the topic of my speech three months ago : what are the lessons of financial crises on economic policies, especially on macroprudential policy? i will also provide my first thoughts on the potential impacts of the war in ukraine on financial stability. crisis will happen, but we can prepare for them the global financial crises reminded us that the financial system can create systemic risks that can lead to systemic financial crisis. policymakers also recognized that monetary policy and financial supervision and regulation are not always sufficient to prevent and manage financial crises. new analytical tools were needed to identify the emerging systemic risks as early as possible. and new policy tools