However, for online card payment transactions, due to the necessary significant technical changes, both for payment service providers and merchants operating e-shops, However, the delayed application of security requirements for online card transactions should not adversely affect customers. During the transitional period, payment service providers should recover the value of all unauthorized card payment transactions on the Internet for which no indepth identification of the customer has been applied, and the BNB monitors compliance with this requirement. Although the pandemic has led to some delays in the implementation of migration plans, according to available data, we expect Bulgaria to successfully complete migration by the end of the year within the projected pan-European deadline. Along with the work on the implementation of the current legal framework, many efforts are focused on its further improvement with a view to the emergence of innovative market participants, new technologies, changing business models. In September, the European Commission published the Digital Finance Package, part of which is the “EU Strategy for Retail Payments” and the “Strategy for the Digitalisation of EU Financial Services". The aim of both strategies is to outline the medium-term guidelines and priorities for the development of digitalization in the financial sector. Central to the payment strategy is immediate payments, executed within seconds, 24 hours a day, 7 days a week, 365 days a year, called the “new rule” in the strategy. Bulgaria is not lagging behind these trends.

Ravi Menon: Securing price stability as Singapore restructures Speech by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Asian Bureau of Financial and Economics Research (ABFER) Opening Gala Dinner, Singapore, 21 May 2013. *  *  *  Professor Bernard Yeung, Dean, NUS Business School, whose tireless efforts have brought to fruition the Asian Bureau of Financial and Economics Research, distinguished guests, ladies and gentlemen, good evening. Interesting times again Monetary policy has become interesting again. The Great Moderation, beginning in the mid-1980s and spanning two decades, marked the triumph of monetary policy over the scourge of inflation. The formula worked brilliantly – independent central banks, with clear mandates to pursue price stability, and doing so with consistency and credibility, ushered in an era of macroeconomic and financial stability supporting steady economic growth and rising prosperity. Then came 2008/2009 – unleashing a financial crisis of unmatched scale and impact, and a global recession deeper than any seen since the Great Depression. We are still living in the shadows of these two shocks, with the global economy stuck in a hesitant and uneven recovery and financial market stresses resurfacing from time to time. Monetary policy in the advanced economies has entered unchartered waters, in a valiant effort to support economic growth, which was being weighed down by deleveraging. In the emerging economies, central banks and governments have had to be equally nimble in their policy responses, as they grapple with the spillover effects of these unconventional monetary policies.