Well - if ever there were a time when that phrase were true, it is now. I have spoken a little tonight about operational risk, and then about different types of financial risk. These are all areas where I believe this Centre can make an important contribution. The Bank of England is a voracious consumer of such analysis and expertise, and I very much hope that we will retain a close working relationship going forward. Thank you for asking me here this evening - I wish you all the best in your future work. 4  BIS Review 83/2001
A gradual transition requires, as you here in Finland are well aware, that the exchange rate is fixed irreversibly from the date of joining the union and the euro becomes the national currency, while banknotes and coins in the old currency continue to remain legal tender during a transition period. During this period there is no compulsion to use the euro and nor is there any prohibition against it. The disadvantage of a gradual transition would be that, as euro banknotes and coins already exist in the euro zone, it may appear strange to the Swedish general public that they cannot use them fully in all transactions in Sweden right from the start. The advantages of a gradual transition are that the major technical and practical adaptations to the euro could be made in stages, while Sweden would be able to participate fully in all co-operation and decision-making forums in the euro zone from EMU membership, without having to wait until the practical work was finished. The most recent report states that in a gradual transition process the financial sector and central government sector would need 1-1.5 years from the time of a political decision until the SEK/EUR exchange rate was fixed in order to prepare. After this, a further one year would be needed for the financial sector and two years for the central government sector before euro banknotes and coins could replace the krona. This is 1-2 years shorter than the three years the current EMU countries have had to prepare.