the integrated structures of banking business in the real world. before i continue to the banking union, i would like to recall ideas that stefan ingves raised in 2006 “ i propose the establishment of a new pan - european body, a european organization for financial supervision ( eofs ). the idea is to create a separate agency to follow the major cross - border banking groups in europe ”. “ the eofs should only focus on the presently about 40 truly cross - border banking groups and not deal with the about eight thousand european banks with a predominately national character. ” bis central bankers ’ speeches “ the eofs should have three tasks : it should gather information about the banking groups and their activities in different countries. importantly, it should also create unified risk - assessments of each cross - border banking group. finally, it should also oversee the activities and risks of these banking groups. ” “ to achieve these tasks, there is a need for a separate agency, staffed with a sufficient number of competent employees. initially, these employees could of course be recruited from the existing national supervisors. also the staff of the eofs would have to cooperate with the national supervisors. ” at the moment, after eight years and severe crises, we are taking steps pretty much towards the direction proposed by stefan. however, he also mentioned that the authority should be independent and not the ecb or the european commission, but as we know according to the current eu - treaties this was not a feasible option.. the european union is now taking a significant step forward by establishing the single supervisory mechanism for the euro area and the non - euro area member states have a possibility to join in the form of “ close co - operation ”. therefore, it may be fair to ask whether we someday see sweden to join the single supervisory mechanism. banking union as part of the economic and monetary union and as a remedy for the crisis, the eu leaders agreed in june 2012 on creating a true banking union. the single rulebook provides a foundation for the banking union. it is based on the idea of identical regulatory requirements, such as capital adequacy rules for banks. these are achieved through european legislation and lower - level technical standards. one of the main pillars of the banking union is the single supervisory mechanism. i will come back to the recent developments in its construction later on. another important pillar is the single resolution mechanism. as you know, intensive talks in the form of eu trilogue ended in march and

olli rehn : building an enabling environment for circular businesses speech by mr olli rehn, governor of the bank of finland, at the world circular economy forum, helsinki, 3 june 2019. * * * ladies and gentlemen, dear friends, many thanks to sitra for the invitation to the world circular economy forum. while this is the third such event, the things we talk about here are actually not that new. but what is new is that the talks have started to materialise in actions taken by companies. and not only by individual companies, but they are becoming increasingly mainstream. that ’ s the good news. historically economic growth has gone hand in hand with emissions growth and resource usage. the problem is that in order for our planet to survive, we need to separate economic growth from greenhouse gas emissions growth. another piece of good news is that this is not impossible, as the case of reduced emissions from production in the nordic countries proves. but it is not easy either. especially in the developing countries economic growth is badly needed to reduce poverty. last autumn the ipcc released a new report detailing why we should target a 1. 5 degrees increase in temperature, instead of the paris target of 2 degrees. it is no simple feat, as our current path would lead to an increase of more than 3 degrees. and we have only about a decade to take the right bold actions to meet the 1. 5 degree target. there is no single tool that would enable mitigation and adaptation to climate change. the european commission is currently creating legislation to increase funding for the green economy. this supplements the eu emissions trading scheme and the eu co2 - emission targets. this is also good news, but not enough. what we need is action at the global level. in an ideal world, a unified global carbon tax would be the first - best solution, as it would make companies internalize the externalities of emissions. while economists have advocated such a carbon tax, in the real world where we live in, this is being challenged by issues in measuring emissions and by the realpolitik. taxation can be used to create the right incentives even without a unified global carbon tax. sitra has recently published a report detailing how an environmental tax reform could reduce emissions, while creating many benefits for the economy. the new government programme of finland, released today, is based on these principles. globally several ministries of finance have joined their forces in the coalition of finance ministers for climate action to consider issues such