progress in balancing central government finances and maintenance of the moderate cost trend are key factors as regards exchange rate stability. it is apparent that the easing of monetary policy and confidence in improving economic prospects will provide support for domestic demand over the future. with exports also picking up again, the growth of total output could reach 4 per cent in 1997. it appears that the rise in the price level will stay near the targeted level. the decline in unemployment should continue but again at a very sluggish pace. in order to accelerate the decline in the unemployment rate, the tax wedge should be narrowed further and the social security and tax systems should be made more work - friendly. it appears that finland will be able to meet all the economic convergence criteria for emu, i. e. those pertaining to inflation, exchange rates, the long - term interest rate, and the public sector deficit and debt. the decision on which countries are to participate in stage three of emu is to made in spring 1998, only a little over a year from now, and before that time the act on the bank of finland should be amended so that the emu requirement regarding central bank independence can be fulfilled. practical preparations within the eu for economic and monetary union have progressed according to plans. the bank of finland has participated in the work of creating the european system of central banks, in both the european monetary institute ( emi ) and the eu's monetary committee. the preparatory work involves inter alia strategy and instruments for the conduct of a single monetary policy as well as detailed planning of the payment system. progress has also been made in specifying the legal status of the single currency - the euro - as well as in the design of euro notes and coins. much work has also been required in the development of an exchange rate system covering both emu participants and other eu states. the bank of finland's own preparations for stage three of emu have intensified. the adoption of a single currency requires broad changes in the payment systems of the banks and the bank of finland. one major change will be the fusion of national payment systems into an eu - wide payment system. the bank of finland supports efficient and secure solutions, which will at the same time provide the best possible environment for finnish banking and securities markets. cooperative efforts between the banks and the bank of finland have intensified in all areas of concern, and the bank of finland is participating in the national emu project of the ministry of finance. * * * the bank of finland '

has conducted a wide - ranging communication campaign, aiming to reach its audiences via multiple channels. this has given our stakeholders the necessary information about the banknote and its security features. but there is also another reason why banknotes are a fundamental part of what we do – one which is more significant for the euro area than for others. in a multi - country union such as ours, it is inevitably harder to create a shared identity than in a single nation state with its own culture and history. the euro is something we all have in common – it is a tangible symbol of european unity. holding a euro banknote and knowing that it can be used in 19 countries is a reminder of the deep integration europe has attained. indeed, when asked about the most important elements of european identity, the single currency is the one most frequently quoted by euro area citizens after democracy and freedom. and in spite of the difficulties in recent years, support for the single currency now stands at 70 %, equalling the highs recorded in the pre - crisis period. with the collaboration of the national central banks, credit institutions and banknote equipment manufacturers, hundreds of thousands of machines and devices have been updated during the last nine months, meaning that – starting today – the new €50 banknote is available. 1 / 1 bis central bankers'speeches