is great, we are in a good position to move forward at this point, as this is already up and running. the bank of finland and the fin - fsa have a long tradition of working with data. a huge amount of data is collected for both statistical and supervisory purposes, and our analytics center of excellence –'ace'for short incorporates a lot of experience of working with cutting - edge technologies like the large language models. on top of this, our new dedicated data strategy function provides a solid foundation for data governance and management practices, ensuring that the data we use is accurate, reliable and secure. this provides an excellent foundation for building new capabilities to leverage ai. but if we want to create more value from data and ai, we must ensure the close alignment of technology with business objectives and requirements. this is why we are working closely with business interests and have already identified close to 100 potential ai use cases in our organization. the fin - fsa has been especially active in testing some of these ideas, and you can hear more about these experiments tomorrow morning. what then are the key drivers for this data analytics work? most important perhaps is efficiency. the workload is ever increasing and the need for fast and accurate decisions is key. put simply, with the help of ai tools it is possible, for example, to analyse a greater number of documents with the same human resources as before. potentially, we can also achieve even better quality. but it is important to underline that ai is a 3 / 4 bis - central bankers'speeches virtual assistant, not a decision - maker. indeed, human oversight and critical assessment are now more important than ever. for instance in writing this speech, ai has merely been a servant, not the master. events like this are also a great opportunity to share best practices and lessons learned from working with the technology. both microprudential and macroprudential authorities need to develop new monitoring tools, and in the third session we will hear about many supervisory technology initiatives from around europe. to conclude, i would like to highlight some key points. high - quality data, new technologies and human capital are undoubtedly the key drivers of the ai age. but the interplay between data, technology and human capital presents significant challenges. the exponential growth of data necessitates robust frameworks for collection and analysis. the technologies are evolving rapidly, creating skills gaps that can leave many workers behind, emphasizing the need for continuous education and training. moreover, the

michael c bonello : the adaption of the euro welcome address by mr michael c bonello, governor of the central bank of malta,, during the concert held to mark malta's membership to the euro area on saturday, valletta, 12 january 2008. * * * you have joined us here today to mark a major milestone in our country ’ s economic history. during more than two millennia the maltese people have used many different currencies in circumstances most often reflective of malta ’ s status as a dependency of some larger and more powerful nation. the adoption of the euro, however, is a change of currency with a difference. this time it has taken place because malta, out of its own choice, has joined fourteen other sovereign member states of the eu in an economic and monetary union designed to complement the single market, a venture that could rightly be described as an epoch - making development in the history of our continent. for malta, as for the other new members of the euro area, the euro offers the prospect of enhancing the economy ’ s potential to grow faster. the elimination of exchange rate risk and currency conversion costs should result in increased trade, while the low interest rate and inflation environment of the euro area should make for reduced business costs and greater macroeconomic stability. combined with the fiscal discipline associated with monetary union, this should translate into higher credit ratings and improved investment prospects. the significance of having as our own the world ’ s second most important currency is not lost upon a central banker. for, beyond its proven economic benefits, the euro signifies the virtual elimination of the potential risk of an exchange rate crisis to which the currencies of small, open economies are exposed on a daily basis in a world characterized by the free movement of capital. we have now traded in this vulnerability for the greater security and credibility afforded by a major international currency. the euro has indeed been a success story in many respects. the disciplines of economic and monetary union ( emu ) were intended to promote the creation of a macroeconomic environment in which countries could thrive in an increasingly competitive market place. the euro area ’ s track record in terms of price stability, trade expansion and employment creation suggest that these expectations have been largely fulfilled. the central bank of malta is, therefore, proud to have become a member of the eurosystem. from an institution charged with the preservation of price stability in malta and with safeguarding the integrity of our national currency, the bank now shares responsibility with the other members of