Studia Monetaria

The Museum offers Studia Monetaria lectures approximately once a month. The lectures deal with the Bank's operational sectors and the Bank's history, and they are given by leading experts in their respective fields. The lectures are intended for the general public, and participation does not require any particular background knowledge.

The lectures are open to everyone and are free of charge. All of them will be in Finnish and will be held on Tuesdays at 5–6 pm at the Bank of Finland Museum, Snellmaninkatu 2, Helsinki. For more information, please visit the website of the Bank of Finland and of the Museum.

| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |

Future lectures

Lectures in the series ’studia monetaria’ and other public events will be announced on the ’Events’ page.


Past lectures

Lectures in 2016

19 January 2016 – Please note! The date has been changed
How will the management of banking crises change?
Tuija Taos, Director General, Finnish Resolution Authority, and Raimo Husu, Legal Adviser, Financial Supervision Authority

Lectures in 2015

20 October
What is GDP and how it is measured?
Katri Soinne
,
Planning Officer, Statistics Finland

6 October
Capital Markets Union. Impacts, if any, on investors
Jarmo Parkkonen, Head of Supervision of Markets and Conduct of Business Department, Financial Supervisory Authority

21 April
Our common debt – government borrowing from the 19th century to the present day
Mika Arola, D.Soc.Sc., Head of Risks and Strategy Unit, State Treasury

14 April
How are investment products and their marketing supervised?
Jarmo Parkkonen, Head of Supervision of Markets and Conduct of Business Department, Financial Supervisory Authority

24 March
Macroprudential supervision – macroprudential instruments and their implications for ordinary citizens
Katja Taipalus, Head of Macroprudential Analysis Division, Bank of Finland, and Sampo Alhonsuo, Chief Analyst, Financial Supervisory Authority

10 February
Finnish banknote printers throughout history
Antti Heinonen, former ECB Director of Banknotes

Lectures in 2014

18 November
IMF – saviour or ogre?
The International Monetary Fund in a changing environment
Olli-Pekka Lehmussaari, Head of European and International Affairs, Bank of Finland

11 November
Forward guidance as tool in monetary policy
Jenni Hellström,
Head of Communications, Bank of Finland

28 October
The Single Supervisory Mechanism is coming – is FIN-FSA ready?
Sonja Lohse
, Chief Advisor, Financial Supervisory Authority
Please note: Lecture will be held in Swedish

7 October
What should investors know about crowdfunding?
Esa Pitkänen
, Senior Policy Advisor, Financial Supervision Authority

23 September
The new euro banknotes, art and technology
Päivi Heikkinen
, Head of Department, Bank of Finland

29 April 2014
The Single Supervisory Mechanism: what changes will European banking supervision bring to Finland? 
Anneli Tuominen, Director General, Financial Supervisory Authority

15 April 2014
The daler – Northern Europe’s first common currency.
Juha Tarkka, Adviser to the Board, Bank of Finland

8 April 2014
Who stands to gain from banking union?
Pentti Hakkarainen, Deputy Governor, Bank of Finland

18 March 2014
New payment methods and actors.
Markku Koponen, Head of Operational Risks, and Katri Jokinen, Legal Advisor, Financial Supervisory Authority

Lectures in 2013

23 April2013
Modification of euro banknotes
Presentation of the new series of euro banknotes
Paavo Perttu, Head of cash technology, Bank of Finland

16 April2013
How are pension insurers supervised in Finland?
Erkki Rajaniemi, Advisor to the Management, Financial Supervisory Authority

19 April2013
European financial supervision under major reform
Anneli Tuominen, Director General, Financial Supervisory Authority

2 March 2013
The financial crisis and central banks
Erkki Liikanen, Governor, Bank of Finland

29 January 2013
Reforming the structure of the EU banking sector
Findings of the High-level Expert Group chaired by Bank of Finland Governor Erkki Liikanen
Note: Lecture held in Swedish
Hanna Westman, Economist, Bank of Finland

Lectures in 2012

11 December 2012
Where are you going, Russia?
Economic and political development in the 2000s
Iikka Korhonen, Head of Research, Bank of Finland

20 November 2012
Financial markets Banks and other financial institutions and stock exchange activities – the basics of the monetary economy, II
Financial markets' functions and structure Lending and financing from markets. Debt and shares. Primary and secondary markets. Various financial institutions. Why should banks and insurance companies be supervised?
Pertti Pylkkönen, Economist, Bank of Finland

6 November 2012
Inflation, deflation, foreign exchange rates and interest rates – the basics of the monetary economy, part I
The characteristics and statistical concepts of money Monetary and exchange rate systems. Why is inflation a hindrance? Is deflation an even more problematic monster?
Lauri Vilmi, Economist, Bank of Finland

30 October 2012
A day in the life of FIN-FSA – what do market supervisors and risk specialists do?
Laila Hietalahti, Market Supervisor and Anne Nisén, Risk Specialist, Financial Supervisory Authority (FIN-FSA)

16 October 2012
Becoming familiar with investment products
The characteristics of mutual funds, structured investment products and unit-linked insurance. How can you recognise a complex investment product?
Market Supervisors Eeva Granskog and Tero Oikarinen, Financial Supervisory Authority (FIN-FSA)

9 October 2012
100 years of the Stock Exchange
Lauri Rosendahl, Managing Director, NasdaqOMX

24 April 2012
Can I pay by cash?
Pekka Somerkoski, Legal Affairs, Bank of Finland

17 April 2012
Options available to savers
Features of savings and investment product groups. Risks. Compensation funds. Investor’s checklist. And if problems occur?
Terhi Lambert-Karjalainen, Head of Communications, Financial Supervisory Authority

10 April 2012
What is money?
Central bank money, scriptural money (ie money deposited in an account), electronic money, cash
Karlo Kauko, Adviser, Bank of Finland

6 March 2012
Are new tools needed for preventing financial crises?
Macroprudential policy for the financial system
Kimmo Virolainen, Head of Department, Bank of Finland

14 February 2012
The first year of the new EU financial supervisory authorities amid the debt crisis
Jukka Vesala, Deputy Director General, Financial Supervisory Authority

31 January 2012
Does banking regulation mean the demise of banking?
Development of banking regulation
Esa Jokivuolle, Adviser, Bank of Finland

Lectures in 2011

29 November 2011
Financial markets Banks and other financial institutions and stock exchange activities – the basics of the monetary economy, II
Financial markets' functions and structure Loan financing and market financing. Debt and shares. Primary and secondary markets. Various financial institutions. Why should banks and insurance companies be supervised?
Jarmo Pesola, Economist, Bank of Finland

22 November 2011
Bank tax – what is it and where is it needed?
Kimmo Virolainen, Head of Financial Stability and Statistics, Bank of Finland

15 November 2011
What is Finland's housing loan market like and how can households manage their loan risks?
The housing loan market in Finland. What are a consumer's most typical risks when taking a loan? How can the loan repayment problems be avoided, and how can the problems arising from a reduction in collateral values be prevented?
Jukka Vesala, Deputy Director General and Peter Palmroos, Researcher, Financial Supervisory Authority

8 November 2011
The financial markets' situation and the Eurosystem
What has been done and why?
Tuomas Välimäki, Head of Market Operations unit, Banking Operations, Bank of Finland

1 November 2011
Central banking operational risks during a financial crisis
Pentti Hakkarainen, Deputy Governor, Bank of Finland

25 October 2011
What should a customer know when taking out life insurance?
The difference between pure risk life insurance and life insurance savings (or endowment) policies. What factors should be considered when taking life insurance? The difference between pure risk life insurance and loan insurance policies.
Päivi Turunen, Market Supervisor, Financial Supervisory Authority

4 October 2011
Inflation, deflation, foreign exchange rates and interest rates – the basics of the monetary economy, part I
The characteristics and statistical concepts of money. Monetary and exchange rate systems.
Why is inflation a hindrance? Is deflation an even more problematic monster? Short and long-term interest rates. Real interest rates. The connection between foreign exchange rates and interest rates. The tasks of the central bank and the basics of money. Money supply and the money multiplier process. Taxation on money.
Hanna Freystätter, Economist, Bank of Finland

10 May 2011
Index -linked bonds, mutual funds or unit-linked insurance - what shall I invest in?
Comparison of the key features of investment products. Where can I obtain information on investment products? What should I pay attention to in my choice of investment product?
Paula Kirppu, Market Supervisor, Financial Supervisory Authority

26 April 2011
How are decisions on monetary policy taken?
Erkki Liikanen, Governor, Bank of Finland

29 March 2011
What is the aim of monetary policy?
Monetary policy objectives
Seppo Honkapohja, Member of the Board, Bank of Finland

15 March 2011
New European financial supervisors take over – what will change?
Anneli Tuominen, Director General, Financial Supervisory Authority

15 February 2011
Why and how does the government obtain debt?
Funding government expenses
Mika Arola, Deputy Director, State Treasury

Lectures in 2010

23 November 2010
Financial markets. Banks and other financial institutions and stock exchange activities – the basics of the monetary economy, Part II

Functions and structure of financial markets. Lending and financing from markets. Debt and shares. Primary and secondary markets. Financial institutions. Why should banks and insurance companies be supervised?
Helinä Laakkonen, Economist, Bank of Finland

16 November 2010
The Single Euro Payments Area (SEPA) How will the modes of payment change and develop?
Päivi Heikkinen, Head of Office, Bank of Finland

2 November 2010
Should I invest in index-linked bonds, mutual funds or unit-linked insurance?

Comparing the characteristics of different investment products. Where can I obtain information on investment products? What matters should I pay attention to in making my choice?
Tero Oikarinen and Johanna Örndahl, Market Experts, FIN-FSA

26 October 2010
Inflation, deflation, foreign exchange rates and interest rates
– the basics of the monetary economy, Part I Characteristics and statistical concepts of money. Monetary and exchange rate systems. Why is inflation detrimental? Is deflation an even more problematic monster? Short and long-term interest rates. Real interest rates. The connection between foreign exchange rates and interest rates. The tasks of the central bank and the basics of money. Money supply and the money multiplier process. Taxing money.
Hanna Freystätter, Economist, Bank of Finland

12 October 2010
Do you know the risks attached to your housing loan?

Borrowers’ and banks’ exposure to housing loan risks.
What are the risks right now?
What should be kept in mind in choosing a reference rate?
How can mortgage holders protect themselves against risks?
Peter Palmroos, Researcher, FIN-FSA

27 April 2010
What kind of protection do investors need?

Jarmo Parkkonen, Head of Department, Financial Supervisory Authority

20 April 2010
Topical issues on the economy and financial markets

Erkki Liikanen, Governor, Bank of Finland

13 April 2010
Current economic outlook for the Finnish financial sector

The financial sector in light of recent data
Sampo Alhonsuo, Chief Analyst, Financial Supervisory Authority

16 March 2010
Moral hazard and financial markets

What can we learn from the financial crisis?
Jukka Vauhkonen, Economist, Bank of Finland

9 March 2010
IMF – ogre or saviour?

The expanding role of the International Monetary Fund in the global economy
Olli-Pekka Lehmussaari, Adviser to the Board, Bank of Finland

9 February 2010
How to read news about monetary policy

Communication as an instrument of monetary policy
Mika Pösö, Head of Communications, Bank of Finland

Lectures in 2009

24 November 2009
Financial markets. Banks and other financial institutions and stock exchange activities – the basics of the monetary economy, Part II

Functions and structure of financial markets. Lending and financing from markets. Debt and shares. Primary and secondary markets. Financial institutions. Why should banks and insurance companies be supervised?
Jukka Vauhkonen, Economist

17 November 2009
FIN-FSA

How does FIN-FSA monitor insurance companies’ risks?
Jukka Vesala, Deputy Director General

10 November 2009
Inflation, deflation, foreign exchange rates and interest rates – the basics of the monetary economy, Part I
Characteristics and statistical concepts of money. Monetary and exchange rate systems. Why is inflation a nuisance? Is deflation an even more problematic monster? Short and long-term interest rates. Real interest rates. The connection between foreign exchange rates and interest rates. The tasks of the central bank and the basics of money. Money supply and the money multiplier process. Taxing money.
Markus Haavio, Economist

27 October 2009
The role of devaluations in Finland’s structural transformation
Pentti Forsman, Economist

6 October 2009
FIN-FSA

Objectives and tasks
Anneli Tuominen, Director General

26 May 2009
Counterfeiting the euro and other monetary crimes

Pekka Somerkoski, Legal Affairs, and Banknote Specialist Jussi Kangas, Bank of Finland

21 April 2009
Bank crises tend to follow the same pattern

Sampo Alhonsuo, Economist at the Bank of Finland and Harry Leinonen, Adviser to the Board of the Bank of Finland

7 April 2009
'Red' central bank

The Bank of Finland during the Finnish Civil War (1918)
Antti Kuusterä, History Researcher

Lectures in 2008

9 December 2008
Financial markets. Banks and other financial institutions and stock exchange activities – the basics of the monetary economy, part 2

Functions and structure of financial markets. Lending and market-based finance. Debt and shares. Primary and secondary markets. Financial institutions. Why should banks and insurance companies be supervised?
Economist Pertti Pylkkönen

2 December 2008
Inflation, deflation, foreign exchange rates and interest rates – the basics of the monetary economy, part I

Characteristics and statistical concepts of money. Monetary and exchange rate systems. Why is inflation bad? Is deflation an even worse monster? Short and long-term interest rates. Real interest rates. The connection between foreign exchange rates and interest rates. The tasks of the central bank and the basics of money. Money supply and the money multiplier process. Taxation on money.
Economist Markus Haavio

18 November 2008
Financial markets and growth prospects

Governor Erkki Liikanen

28 October 2008
Gold as an investment

Dealer/market analyst Eija Salavirta

21 October 2008
Why have food prices risen?

Head of Office Veli-Matti Mattila

29 April 2008
Monetary policy research and methods

How does monetary research affect monetary policy?
Seppo Honkapohja, Ph.D. (Pol.Sc.), Member of the Board of the Bank of Finland

22 April 2008
Instant loans and indebtedness

What is the price of an instant loan? Instant loans and debt – is there any reason for concern?
Sampo Alhonsuo, M.Sc. (econ.), Economist at the Bank of Finland

8 April 2008
The gold standard

The gold standard in theory and practice
 Juha Tarkka, Ph.D. (Pol.Sc.), Adviser to the Board of the Bank of Finland

1 April 2008
The Single Euro Payments Area (SEPA) from the point of view of the citizens

Towards an integrated payments area in Europe. What will change?
Harry Leinonen, M.Sc., Adviser to the Board of the Bank of Finland

25 March 2008
Eurosystem monetary policy

How does the Eurosystem work? How is monetary policy carried out in practice?
Mikko Spolander, Lic.Sc. (Econ.), Economist at the Bank of Finland

Lectures in 2007

27 November 2007
Financial markets. Banks and other financial institutions and stock exchange activities – the basics of the monetary economy, part 2

Functions and structure of financial markets. Lending and financing from markets. Debt and shares. Primary and secondary markets. Financial institutions. Why should banks and insurance companies be supervised?
Pertti Pylkkönen, M.Soc.Sc., Economist

20 November 2007
Inflation, deflation, foreign exchange rates and interest rates – the basics of the monetary economy, part I

Characteristics and statistical concepts of money. Monetary and exchange rate systems. Why is inflation a hindrance? Is deflation an even more problematic monster? Short and long-term interest rates. Real interest rates. The connection between foreign exchange rates and interest rates. The tasks of the central bank and the basics of money. Money supply and the money multiplier process. Taxation on money.
Lauri Kajanoja, Ph.D., Head of Division

13 November 2007
Turbulence in the money and financial markets

What is it all about?
Jouni Timonen, Head Dealer, M.Sc. (Econ.) 

6 November 2007
Developments in capital markets

Stock exchanges are merging. How does this affect Finland?
Pentti Hakkarainen, Member of the Bank of Finland Board

30 October 2007
The money markets this autumn, ECB and the Bank of Finland

Erkki Liikanen, Governor of the Bank of Finland

2 October 2007
The architect Ludwig Bohnstedt

Presentation of the Bank's main building and other works by architect Ludwig Bohnstedt
Vilhelm Helander, Architect

10 April 2007
Why were banknotes cut in half?

Cutting up Finland's banknotes, 1945–46
Professor Matti Virén

27 March 2007
Do we have to accept cent coins?

A look at legislation concerning money
Pekka Somerkoski, Legal Affairs, Bank of Finland

13 March 2007
Did the euro cause prices to rise?

The real and perceived change in prices.
Samu Kurri, Economist

27 February 2007
The Bank of Finland and the European Central Bank - servant or master?

Division of labour and tasks of the euro area's monetary policy.
Jukka Ahonen, Communication specialist

6 February 2007
What does banking advertising tell us?

Introductory presentation on the new seasonal exhibition.
Antti Kuusterä, History researcher and university lecturer

Lectures in 2006

21 November 2006
Financial markets. Banks and other financial institutions and stock exchange activities – the basics of the monetary economy, part 2

Functions and structure of financial markets. Lending and financing from markets. Debt and shares. Primary and secondary markets. Financial institutions. Why should banks and insurance companies be supervised?
Pertti Pylkkönen, M.Soc. Sc., Economist

7 November 2006
Inflation, deflation, foreign exchange rates and interest rates – the basics of the monetary economy, part 1

Money-related characteristics and statistical concepts. Monetary policy and economic policy. Why is inflation a hindrance? Is deflation an even more problematic monster? Short and long-term interest rates. Real interest rates. The connection between foreign exchange rates and interest rates. The tasks of the central bank and the basics of money. Monetary supply and the money multiplier process. Taxation on money.
Lauri Kajanoja, Ph.D., Head of Office

31 October 2006
The nature of money

Antti Heinonen, Director, Banknotes, European Central Bank

24 October 2006
Changes in J. V. Snellman’s views on monetary policy from the 1850s to the 1870s

Juha Tarkka, Ph.D., Adviser to the Board of the Bank of Finland

10 October 2006
JV Snellman and Henrik Borgström Jr. – the wrangle over monetary policy

Antti Kuusterä, Banking Historian

26 September 2006
Money in Finnish literature

Hannu Raittila, Author

16 May 2006
The birth of the Finnish markka and J. V. Snellman

Juha Tarkka, Adviser to the Board of the Bank of Finland

2 May 2006
Key aspects of J. V. Snellman's economic policy thinking

Antti Kuusterä, Banking Historian

18 April 2006
International Monetary Fund

Future challenges and developing countries' debt burden
Olli-Pekka Lehmussaari, Adviser to the Board of the Bank of Finland

21 March 2006
Penniless dreamer

The role of money in Finnish popular music from the 1920s to the 21st century
Maarit Niiniluoto, Novelist

21 February 2006
Tasks and functions of the Eurosystem

Jukka Ahonen, Senior Press Officer, European Central Bank

Lectures in 2005

13 December 2005
Financial markets and banks - the basics of the monetary economy, part 2

Loans - one of society's great inventions. The tasks and structures of the financial markets. Direct and indirect financing. Debt and shares. Primary and secondary markets. Brokers, dealers etc. Financial institutions. The idea of a bank and a simplified balance sheet. Why should banks be supervised?
Esa Jokivuolle, Ph.D., Research Supervisor

22 November 2005
Inflation, deflation, foreign exchange rates and interest rates - the basics of monetary economy, part 1

Money-related characteristics and statistical concepts. Monetary policy and economic policy. Why is inflation a hindrance? Is deflation an even more problematic monster? Short and long-term interest rates. Real interest rates. The connection between foreign exchange rates and interest rates. The tasks of the central bank and the basics of money. Monetary supply and the money multiplier process. Taxation on money.
Lauri Kajanoja, Ph.D., Economist

15 November 2005
Money in the Finnish cinema

The role of money has played in the Finnish cinema throughout ages.
Peter von Bagh, Professor and cinema historian

8 November 2005
His Terribleness von Haartman in the history of Finland

Lars Gabriel von Haartman (1789–1859) was the leading economic politician in Finland in the first half of the 19th century. He held various high offices in St. Petersburg and Finland. Later generations remember von Haartman as ‘Hopea-Lassi’ (‘Silver Lassi’) due to his input in the Currency Realisation of 1840.
Kristiina Kalleinen, university lecturer, Ph.D.

11 October 2005
The life of Anders Chydenius

Anders Chydenius (1729–1803) was a Finnish priest, delegate to the Diet as well as a prolific writher on monetary policy issues. His most important work is his pioneering work The National Gain (1765). Chydenius promoted free trade and participated in the monetary policy discussions of his time.
Professor Pentti Virrankoski

17 May 2005
Banking crisis

Problems related to bank strategy and risk management, and the implications of capital movement liberalisation
Liisa Halme, M.Sc. (Econ.), LL.D., Head of Unit

10 May 2005
The Financial Supervision Authority

How are banks and other financial institutions supervised?
Jukka Vesala, D.Sc. (Econ.), Deputy Director General

3 May 2005
International Monetary Fund

What is the International Monetary Fund? The division of responsibilities between the Fund and the World Bank
Olli-Pekka Lehmussaari, M.A. (Soc. Sc.), Adviser to the Board

12 April 2005
How do central banks operate in financial markets?

Why do central banks hold foreign reserves?
Pentti Pikkarainen, Ph.D., Head of Department

15 March 2005
Integrating financial markets - citizens' new opportunities

Financial markets are becoming more international and services more diversified. What is the role of domestic financial market participants in the future?
Heikki Koskenkylä, Ph.D., Head of Financial Markets Department

1 March 2005
Developing the Monetary Union - experiences of Frankfurt and Helsinki

Sinikka Salo, Ph.D., Member of the Board

8 February 2005
The ECB through the eyes of a new participant

Influencing the monetary policy of the Eurosystem at a practical level. Current monetary policy institutions viewed from the insider's perspective.
Erkki Liikanen, Governor of the Bank of Finland

25 January 2005
Decision-making in the ECB and the Eurosystem

Preparatory work and the decision-making in the Eurosystem and the role of the Bank of Finland.
Kjell Peter Söderlund, Reader in Political Sciences, Head of International Secretariat

11 January 2005
What is it like to draw banknotes? A graphic designer's perspective

A secret, honorary duty and what all it covers.
Erik Bruun, Graphic Designer, one of the designers of last markka banknotes

Lectures in 2004

7 December 2004
Why did the markka never become a hard currency? Finnish monetary policy 1945-1999

A shackled currency. Inflation expectations. Fixed foreign exchange rates and the problems of deregulated capital movements. The road to a monetary union.
Antti Suvanto, Ph.D., Head of Economics

23 November 2004
Development of monetary policy thinking

Old and new theories. Inflation expectations. Rational expectations. Central bank promises and credibility. The central bank's objectives and opportunities to exert influence. The differences between euro area and US monetary policies.
Juha Tarkka, Ph.D., Head of Research

9 November 2004
Money markets and banks - the basics of the monetary economy, part 2

Loans - one of society's great inventions. The tasks and structures of the financial markets. Direct and indirect financing. Debt and shares. Primary and secondary markets. Brokers, dealers etc. Financial institutions. The idea of a bank and a simplified balance sheet. Why should banks be supervised?
Esa Jokivuolle, Ph.D., Project Supervisor

26 October 2004
Inflation, deflation, foreign exchange rates and interest rates - the basics of monetary economy, part 1

Money-related characteristics and statistical concepts. Monetary policy and economic policy. Why is inflation a hindrance? Is deflation an even more problematic monster? Short and long-term interest rates. Real interest rates. The connection between foreign exchange rates and interest rates. The tasks of the central bank and the basics of money. Monetary supply and the money multiplier process. Taxation on money.
Lauri Kajanoja, Ph.D., Economist

12 October 2004
Cattle, gold, paper and bytes - a brief history and future vision of money

The history of monetary instruments, with reference to various monetary systems. Future visions of payment systems. Will banknotes and coins be a thing of the past?
The lecture will last until 7.30 p.m.
Tuukka Talvio Ph.D., curator of the Coin Cabinet at the National Museum of Finland
Harry Leinonen, M.Sc. (Econ), Advisor to the Board

For further information, please contact Mr Jaakko Koskentola, Curator of the Bank of Finland Museum, tel: +358 10 831 2981.