several advantages. firstly, the target groups were different. the national campaign aimed at both ordinary citizens and the most vulnerable groups. the european campaign focused on the young and urban people in, whereas the bank of finland was most concerned about the elderly and those living in rural communities. focusing on different target groups also led to a variation in the visual appearance of the campaign material. secondly, the tone of the campaigns varied. the european campaign celebrated the euro and welcomed it. the finnish authorities – knowing the many doubts that the finns had – decided to choose a neutral approach. the bank of finland, for example, advised its advertising agency to give only factual information. the fundamental idea was to reassure finland's citizens that the introduction of the euro might not necessarily be fun, but it would not be painful either. the key to survival or even success was to know the facts. thirdly, keeping the campaigns small and simple meant there was a lot of room for manoeuvre up to the last minute. for example the bank of finland received continuous feedback from the public via telephone and adjusted the main focus accordingly. therefore we were able to address even the most recent questions posed by the public. lessons from the campaigns it is our experience that the general public is more prone to learn from a campaign, if information is presented with familiar words and in a familiar environment, even with some nostalgia. another key is coordination. all efforts must be carefully coordinated and adjusted. even if there are several campaigns, they must communicate with a single voice. last but not least, the authorities need partners from the private sector. cash handlers in finland were trained by the partners of the bank of finland. and their trainers were first trained by the bank. many companies had a direct stake in the process and they were an excellent information channel. through them leaflets, posters, videos etc. were delivered exactly to those who most needed them. of course we must remember that different nationalities prefer different information channels. for example, italians watch a lot of tv. finns also watch television, but they want to learn by reading. therefore, reaching these people by sending them euro leaflets and brochures proved very effective. according to our survey, the readership level of the brochure we had delivered to every household was an impressive 80 %. changeover – a success story in finland and all euro area finland's cash changeover was successful the changeover to euro as an account currency in 1999 went smoothly. also the

drives housing demand to the extent that regional housing bubbles can become a systemic risk, with negative percussions on real economy, unless problems are appropriately addressed in time. in addition, we have the well - known problems with data. namely, the data is in many cases lagging, often revised afterwards and therefore backward looking. we should not make policy by looking at the rear - view mirror. therefore, judgment, discretion and a holistic approach are essential in policy making. macroprudential policy is a new field of economic policy. its creation is an outcome of the global financial crises. monetary policy and good supervision were not sufficient for financial stability. one needs to see the forest from trees. we need to learn the lessons of the crisis, while not fighting the last war. no crisis exactly repeats the previous one. some more recent phenomena require also particular attention : increased importance of the debt securities market, re - emergence of shadow banking and the phenomenon digitalization. to conclude, what is the biggest challenge for authorities? we have some new powers and a range of instruments for the conduct of macroprudential policy. we know that the direction is correct but we should also remember that these instruments are not properly tested yet. we do not know yet enough about their potential consequences and side effects. this advices caution. however, despite these difficulties, i believe these new powers and tools given to authorities are necessary. we are on a right track. bis central bankers ’ speeches