Key messages from the statement are:  BIS central bankers’ speeches  3  •  it is a responsibility of boards to establish strategy, set the risk appetite and monitor risk across the business and hold management to account;  •  the risk appetite must be clearly owned by the Board, integral to the strategy and actively used to monitor and control risks and inform key business decisions;  •  boards should articulate and maintain a culture of risk awareness and ethical behaviour;  •  boards should include individuals with a mix of skills and experience that are up-todate and cover the major business areas in order to make informed decisions and provide effective oversight of the risks;  •  but this does not mean expertise in every aspect of a broad and complex financial business – the point is to have the diversity of experience and capacity to provide effective challenge across the full range of business;  •  boards should act in a co-operative and collegiate manner whereby the nonexecutives support and encourage executive management and vice versa;  •  but this should not inhibit the non-executive directors from challenging executive management and holding them effectively to account;  •  non-executive directors should ensure they have the time and resources and access to the business they need to fulfil their duties;  •  executive management have a responsibility to ensure the Board can exercise its role and should exercise their judgement in bringing key issues to the Board’s attention at an early stage; and  •  the principle of good governance, including independence of the Chairman, should also apply to material subsidiaries.

Dimitar Radev: Eurozone slowdown likely temporary Publication in the MNI based on an interview with Mr Dimitar Radev, Governor of the Bulgarian National Bank, conducted by Mr Luke Heighton and published on 17 May 2019. * * * The eurozone slowdown may prove temporary, the governor of the Bulgarian National Bank told MNI, but whether Europe emerges from the current soft patch by the second half of 2019 is uncertain. "The euro area’s economy beat many economists’ expectations in the first quarter. But the pace and direction of the economy over the coming months and quarters are yet to be seen,” said Dimitar Radev, a member of the European Central Bank’s General Council since his 2015 appointment, noting the persistence of global trade tensions and “political developments” in Europe. "Recent data may be interpreted as signs that the region’s slowdown may be temporary,” he said in an emailed response this week to questions. Asked whether slow eurozone growth pointed to ‘Japanification', he replied: “comparisons with previous historical episodes and other economies do come to mind when we observe prolonged periods of slow growth, very low interest rates and aging population in Europe." "Policy responses may be effective only as long as they target structural areas, such as education, labour market and pension reforms. The focus needs to remain clear: to stimulate productivity and competitiveness,” he said, calling for more growth-oriented fiscal policies. "This does not necessarily mean higher spending. Moreover, higher spending would be counterproductive in countries with no fiscal space."