markets union by relaunching it as an investment and financing union could be one of the low hanging but high producing fruit. this links to technology. some of us may have very high expectations concerning the potential of generative artificial intelligence ( ai ) for boosting productivity and economic growth. on the other hand, some, like daron acemoglu ( recall robert gordon ), are less optimistic. in any event, it does appear quite probable, or at least possible, that the spread of generative ai is going to have profound ramifications for labour markets, businesses and societies at large. increasing attention has been given to the potential effects of ai on the financial system and financial stability. in his brilliant keynote speech yesterday, professor danielsson warned us how overreliance on autonomous ai systems could pose risks to the integrity and stability of the global financial system. i share his concern. central banks need to keep pace with developments in emerging technologies and the data economy. at the bank of finland, we have for quite some time already been using machine learning algorithms in several core analysis functions, such as nowcasting, or short - term gdp forecasting. the same goes for payment and settlement system simulations and financial stability analysis. together with the finnish financial supervisory authority – the fin - fsa – we recently established a cross - organizational centre of excellence in advanced data science. its nicely self - confident name is ace, the analytics center of excellence. dear friends, let me conclude. this weekend, eu citizens will vote in the european parliamentary elections. many crucial issues are at stake in these elections. 4 / 5 bis - central bankers'speeches first and foremost is european unity in the face of russia´s threat and, more generally, in a world of heightened geopolitical challenges. our support to ukraine must be unwavering, and we must work on several fronts to enhance european security. we must also continue our fight against climate change. second, strengthening the eu economy is of the utmost importance. only a strong economy can bring sustainable prosperity, security and stability. maintaining price stability is the central banks'best contribution to enhancing a predictable and conducive environment for the long - term investments needed for digitalisation and the greening of our economies. europe's weak productivity performance calls for raising the level of ambition of the next commission. there are no shortcuts. in addition to r & d, we must foster reforms to support productivity growth, including policies improving access to

we know there will soon be legislative action from the european commission, which is expected to help in the expansion of instant payments. we are looking forward to this action, later in summer, as it is to address impediments and enhance public confidence in the instrument. broader adoption of instant payments is, in my view, crucial for the payments landscape, particularly in greece where the instant feature can become a game changer in the effort to reduce the use of cash – which remains significant in the country. seamless cross - border use of the instrument, now made possible by tips, and strengthening of legal certainty ( to be addressed by new eu legislation ) are of essential importance. the adoption of instant payments in greece can bring clear benefits : speed and efficiency, facilitation of various commercial transactions, removal of red tape, rationalization of public sector procedures, reduction of tax - evasion. we are therefore supportive of all relevant work done at the level of the eurosystem and the european fora. such issues, together with many other topics, will probably be the subject of your proceedings during this conference. in the area of payments, cooperation and interaction of central banks with the private sector is key, and this conference is suitably designed to bring both sides on the stage and set the ground for a fruitful dialogue. i hope the city of athens will provide the surroundings for productive discussions and interesting conclusions in the following days. again, a warm welcome to all of you. and my best wishes for success in this year ’ s conference!