, software updates and data backups. moving forwards, more attention needs to be placed on containing systemic risks that threaten the entire financial system which may arise from these new technologies, products and services. two weeks ago we experienced what a large impact on everyday life the failure of a major card network can have. it is crucial to have payment and settlement systems that function under all circumstances to prevent the economy from being disrupted. the objective is to develop a framework which guarantees the operational integrity of all critical infrastructure that are also shared by financial market. i am confident that we can reach this target in good cooperation between the financial industry and the authorities. 1 / 2 bis central bankers'speeches going forward, the industry landscape will look more diverse, with different kinds of companies, both small and large, providing financial services. it is important that the authorities actively monitor the structural transformation, maintain financial stability and do their part in ensuring that the use of digital financial services is safe and reliable. we need both the experience and stability of the established institutions, as well as the agility and innovative spirit of the newcomers. at the same time, to ensure fair and uniform operating environment, entities who offer similar products or services ought to be subject to the same rules and regulatory oversight. today is the final day of our three - day conference money in the digital age. on tuesday and wednesday, we hosted an academic seminar, and we were deeply impressed by the brilliant work presented there. today we will complement that work with insights from leading industry players. i wish you all will enjoy the programme, and i look forward to continuing the dialogue with you also after the event. 2 / 2 bis central bankers'speeches

olli rehn : making the best out of second - best climate policies opening remarks by mr olli rehn, governor of the bank of finland, at the bank of finland and the finnish ministry of finance conference " greener finance for sustainable future ", helsinki, 30 october 2019. * * * ladies and gentlemen, it is a great pleasure to welcome all of you to this conference, organised jointly by the bank of finland and the ministry of finance. as minister mika lintila just pointed out, promoting sustainable and green finance is one of the key priorities of the finnish eu presidency. indeed, it has to be, as climate change is an existential threat to the future of our planet. people sometimes think that climate change mitigation is difficult or a relatively new challenge. but i would argue that we have known most if not all the pieces of the puzzle for over 30 years, even though we have not yet been able to solve the puzzle. now, let me explain why we should not wait for another 30 years before solving it. in 1987, the world commission on environment and development – the so - called brundtland commission – released a report entitled our common future. i am a proud owner of the first edition of that report, which highlighted that economic growth, ecological sustainability and social justice cannot be separated from each other, if we want to achieve sustainable development. in 2006, lord nicholas stern, who is here with us today, released the landmark stern review that links climate change and economics. one of its central theses is that climate change is the largest market failure ever seen. because co2 emissions are an externality, market forces alone will not solve the problem without a global public policy. while street demonstrations and citizen activism play an important role in pressing for more ambitious climate action, what we need in terms of public policy is consistent, systemic and rational policy solutions to achieve effective concrete results. systemic in the sense that they need to cover and bite in energy production, transport fuels and manufacturing industries widely. rational in the sense that they need to lean on insights based on theory and evidence – “ in science we trust ”. economics can provide such insights on which policies actually work. based on economics and policy analysis, there are three essential and widely accepted requirements for an effective climate policy. the first is efficiency, which implies that we should design policy action so that we get the biggest emission reductions for a buck. the second requirement is that climate policy needs to be fair. the