It is clear, nonetheless, that the transformation of the security environment and the turmoil in energy markets have now led many Finnish exporters to seek new markets  4/8  BIS - Central bankers' speeches  for their products – and the same is happening elsewhere in Europe, too. Europe's energy supply also needs to be reshaped.
As a result, the ECB’s monetary policy cannot optimally fulfil its mandate. To change this, we need to further improve the functioning of Economic and Monetary Union. In other words, we need to draw the right conclusions from the crisis. All three policies mentioned – financial market policy, fiscal policy and economic policy – are essential to this process.