the finnish stability authority as the national resolution authority. the model is similar to the u. s. sheltered harbor solution, with which some of you might be familiar. 2 / 3 bis - central bankers'speeches for the second scenario, the bank of finland created a facility that enables our banks to transmit interbank payments even if cross - border resources are not available. what is significant is that we managed to ramp up our preparedness for the most severe scenarios in the span of a couple of weeks and months last spring. the required legislation obliging banks to maintain capability to connect to these systems was passed on the last day of parliament's spring session in early july. the key success factors here were the analysis on possible backup solutions that was carried out in previous years and the unanimous determination to ensure the resilience of basic banking services in all circumstances. slide 5 ladies and gentlemen, i have briefly explored how finland resilience builds on an all - encompassing culture of preparedness, also covering the financial sector. this has allowed us to react swiftly to the changing geopolitical and security situation in europe, including the decision to apply for nato membership together with sweden in may. acceptance of our membership has been delayed due to the lack of ratification in turkey and hungary. while not yet critically damaging, these delays of course play to the hand of putin and risk weakening the credibility of liberal democracies'unity. our own national capabilities form the basis of our crisis response, but international cooperation is equally important. in this regard, europe has not stood idly by. many vulnerabilities still need addressing, however. it is imperative that we heed the lessons of russia's aggression and its war in ukraine, especially in the energy and financial sectors. it is telling that since february 2020, google searches for'resilience'have risen to new highs and have stayed elevated ever since. in matters of resilience, we look for safety, we look for predictability and we look for a sense of control. the early 2020s will be remembered for the pandemic and russia's war. our response to these crises will determine what the rest of the decade will look like. thank you. 3 / 3 bis - central bankers'speeches

cyrillic as well as in the latin and greek alphabets. today, 332 million people in 17 countries use euro banknotes every day. and worldwide, the value of euro banknotes circulating is roughly the same as that of us dollar bills. last month that value was almost 913 billion euro, with around one - quarter of that value circulating outside the euro area, notably in its neighbouring regions. the euro is in fact being increasingly used as a global currency and its banknotes have been circulating inside and outside europe with ease. with 15. 7 billion of them in circulation, euro banknotes are a success story. however, we do not rest on our laurels. the ecb strives to ensure that the banknotes are steadily developed and enhanced, and are “ state of the art ” in terms of security and technology. the europa series will be “ smarter ” and even more secure than the current series. the new 5 euro banknote will be issued throughout the euro area as of 2 may this year. for the next two months it will be on display here as part of the “ new face of the euro ” exhibition. the exhibition also includes the vase from which the portrait of europa was taken. i would like to thank very much the louvre museum in paris for the loan of this ancient artefact, which is over 2, 000 years old. bis central bankers ’ speeches let me also express on this occasion our thanks to mr gerstetter, the designer of the europa series, who is with us today. without further ado, let me now sign the first 5 euro note of the europa series. bis central bankers ’ speeches