##p, as it had already been expressively named, would also suit the bank of finland's needs. for us, the key selection criteria were : • it enables the streamlining of work flows in the best and most economically sensible way, by making widespread use of modern bar code techniques, for instance. • it reduces the need for our own resource input in it by offering an almost fully - fledged system as well as the equipment to run the system. • it supports harmonisation of the eurosystem's cash distribution function towards a single euro cash area. • it is in line with the eurosystem's mission, strategic objectives and organisational principles. having decided to join the cashssp, negotiations were commenced on the necessary agreements, pricing policy and a more detailed operational framework. it is clear, that when trying to find the common denominator in information technology, business options and in sharing costs and benefits, negotiations are not necessarily simple or easy. in the course of the process, our cooperation partners have, however, shown understanding for the questions we have raised, and the negotiations have taken place in a very constructive and fruitful atmosphere ; as an expression of these efforts we are now here to sign the agreement, and the bank of finland's cashssp project can be formally launched. at the practical level, we have already been preparing this project for a long time. despite a comprehensive cooperation agreement, the success of cashssp will be based on confidence between all parties involved and on the quality of ongoing cooperation. the parties are committed to help each other to the best of their ability. an excellent example of this is the assistance that the nbb is already providing to us in the form of system installation and user training. in a broader context, cooperation by national central banks in the cashssp project is a significant case of the new, truly european approach to central bank operations, which is evolving within the eurosystem. member ncb's are now looking for ways to deepen their cooperation in a flexible and creative manner, developing areas of specialisation on the basis of their relative strengths. this is, without doubt, a welcome development. according to the organisational principles of the eurosystem, as adopted by the governing council, " potential synergies and economies of scale shall be identified and exploited to the extent feasible ", and " the eurosystem shall energetically pursue organisational options that ensure effectiveness, efficiency and prompt action "

all. the cmu would also allow banks to attain funding, securitize their loans and sell them to investors. this could have the potential to distribute risks more evenly across countries, thus absorbing future shocks. furthermore, active capital markets require banks to act as intermediaries, thus it could provide stable or even a countercyclical source of revenue for banks. it is also critical that we build back better after covid - 19, focusing on environmental sustainability and helping the eu and member states to transition to climate neutrality by 2050. the capital markets would enable different types of green instruments to be developed to help towards this goal. and, as the current crisis has shown, there are ample opportunities for member states and the eu to issue social bonds that can help to build more inclusive and equitable societies. efficient and liquid capital markets could provide a solid foundation for extending this. to conclude the public authorities ’ role in helping society cope with the economic impacts of the covid - 19 pandemic has been significant. most eu banks have understood the gravity of the situation and have continued to provide funding to households and companies while at the same time preserving prudent capital positions. going forward, we need to increase the role of the capital markets to enhance the resilience of our economies. for this we need the cmu, which could help the eu to become socially, 2 / 3 bis central bankers'speeches environmentally and economically more sustainable. i think it is a goal worth pursuing. 3 / 3 bis central bankers'speeches