Second, I would like to draw your attention to two important initiatives which aim to foster a closer integration of the infrastructures for securities and retail payments, namely TARGET2-Securities and the Single Euro Payments Area.
In many cases, risks that arise from housing markets, in particular, impose bigger risks for households than banks or other financial institutions. Interconnetedness between financial literacy and financial stability is the primary reason why central banks, including the Bank of Finland, want to promote financial literacy and education. Financial literacy enhances financial stability.