differences, measured as yearly average disposable income, between genders have slightly narrowed during the past 25 years. the lifetime income of women is, however, still smaller than that of men. ( see slide 2 ) position in the labour market is essentially associated with education. unemployment rate of the finnish people with university degree tends to be significantly lower than that of people with only basic education. the level of education of young people increased trend - wise until the end - 1970s. especially the high participation to education of women has increased the average education level of the whole population. 1 / 3 bis central bankers'speeches in achieving a solid position in the labour market, high education is even more important factor for women than what it is for men. participation rates of women with only basic education, in particular, have been alarmingly low during the past few years. when the more highly educated men and women are compared, however, the smaller becomes the difference in participation rates. education indeed matters. the two recent economic recessions in finland have treated men and women in different manner. recession in the 1990s forced women in particular out of the labour market in finland. by contrast, the financial crisis in 2008 – 2009 and the resultant economic downturn appear to have impacted more on male - dominated sectors and thus on male employment and labour market participation. ( see slide 3 ) effects of the recession in the 1990s had, however, only temporary effect on average earnings growth of the finnish x - generation. x - generation generally refers to people born in the 1970s. ( in the figure, cohorts born in 1973 – 1975. ) as the economy picked up towards the end of the 1990s, x - generation reached the income level of the previous generations at the same age. the recession after the financial crisis may have had more permanent effects to the income growth of young men. earnings growth of ‘ the y - generation ’ men, born in the mid 1980s still seems to be slower than earnings growth of previous generations at the same age. the path of earnings growth of y - generation women, in contrast, has not significantly been affected by the recession. evidence of slow income growth of people born in the 1980s and early 1990s has also been found in many other developed countries. * * * let me conclude with a few words on the eurozone reform. the european economy has been on the path of recovery and growth for five years now. it is a good time to focus on reform. can we learn something from the

the value added can be from close central bank – supervision links. thanks to having access to signals from the central banking community of potential major liquidity problems in icelandic banks, the finnish supervisor was able to act quickly in full cooperation with the icelandic authorities and minimise the damage for depositors and the finnish banking sector more broadly. hence, information from the central bank was very useful for the supervisor to prepare timely actions. [ even though the banking sector remained stable, people were nevertheless nervous and – for example – currency in circulation increased. good collaboration with the banking industry facilitated reaching a solution rapidly. smooth cooperation also with the ministry of finance allowed effectively limiting negative consequences for financial stability. ] cooperation between the macro - and micro supervisory functions should be so close that it becomes self - evident at all levels of the organisation and there are no bureaucratic obstacles or turf battles between the two functions. [ you have reached a good level of cooperation, when the alternative way of working than doing things together and exchanging data and ideas, does not even cross peoples ’ minds. ] we consider that our bis central bankers ’ speeches cooperation between the central bank and the supervisor is already at a good level. having said that, there is always room to improve, and we are working further on that. dear guests, you may now think that the model i have been describing may be good for finland, but is it really fit also for larger economies or the euro area and the eu as a whole? my answer is yes. also in the banking union, the macro - and micro supervisory functions should be as close together as possible also at the centralised level. as a matter of fact, a similar model of close central banking and supervision links is being implemented for the new supervisory system in the banking union. the ecb will be leading the supervisory work for significant banks and hosting the new supervisory board. as a first fundamental thing, monetary policy issues and decision making are kept clearly separate from supervisory responsibilities. this model allows reaping the benefits of a close relationship between central banking and supervision and maintaining the independence of supervision through a separate decision making structure. independence of the supervisory work needs to be safeguarded in the internal organisation of the ecb, while not preventing the necessary tight cooperation between the central banking and supervisory functions. cooperation between the two functions should be constant and effective in both directions. the macro - prudential risk assessment greatly benefits from the risk picture that is emerging from micro - supervisory data and ideas of where major risks