process is the number of the senior managing officers in the area of finance and banking who graduated in countries from the francophonian world. of the sixteen governors of the bulgarian national bank who managed it during the period from its foundation to the second world war, eight received their higher education in economics, political science and law in belgium, france and switzerland, or specialised there. in the same period, thirty - two people held at different times the position of minister of finance, of whom nineteen graduated or specialised in these countries. today, many bulgarians continue studying the french language and culture in our schools or receive their education in francophonian countries. they are part of the 175 - million french - speaking community and in addition to the common language they are part of a common culture, which extends to all spheres of our life. i am proud that part of these people work in the bulgarian national bank and contribute a lot to the success of our institution. the increased economic and financial interrelatedness and interdependence of the countries call for ever - greater co - ordination of the economic and financial policies of the individual governments. the establishment in the 90 - ies of the past century of the principles of free movement of goods and capital increased the interdependence of the financial systems across countries, so that financial stability is no longer a national but a global issue. the significant participation of foreign capital in the banking system of a country and the massive movement of capital, largely contributing to the formation of serious imbalances, changes significantly the understanding of systemic risk and the approaches to its assessment. the above process of interrelatedness of the banking systems of individual countries necessitated the adoption of new principles of surveillance over the banking sector, as well as analysis and control of the risks arising from the ever - increasing interrelatedness between the banking sector and the other segments of the financial market. the implementation of basel ii will pose a challenge to the entire financial community, while for the newly emerging economies this process will be a serious test since their banking systems are very much open. the discussion of the common supervisory framework also brings forward the question as to what extent the high rates of growth of credit for the private sector, globally, and in many of the dynamically developing countries, in particular, poses a risk to financial stability and how much supervisory policy could be used as a tool for solving this problem. the process of financial sector globalisation, which i already mentioned, raised for many

s art collection 1 / 3 bis - central bankers'speeches its foundations were laid around 70 years ago, in the mid - 1950s. back then, the bank deutscher lander was the central bank for allied - occupied germany's western zones. the occupying powers, the united states and the united kingdom, had established it in 1948 with the mandate to maintain the stability of the new currency, the deutsche mark. this was before the formation of the federal republic of germany, the democratic state in western germany, in 1949. in 1957, the stability mandate for the deutsche mark was transferred to the newly established deutsche bundesbank. dedicated leaders from both institutions worked to ensure that the central bank, as a major public institution, contributed to the promotion of art and culture in the young democratic federal republic of germany. first, they wanted to directly support artists by purchasing their work. second, they wanted to give bundesbank staff the chance to encounter contemporary art in the workplace. placed in its historical context, this vigorous commitment to art and culture makes sense. under the national socialist dictatorship, artists who had devoted themselves to modern art movements had no longer been able to exhibit publicly. they lost their professorships at art schools. many emigrated. their works were removed from museums and banned as " degenerate ". in post - war germany, great interest in art and culture emerged just a few years after the end of the second world war, national socialism and after the shoah. this broadbased cultural awakening was accompanied by a general desire for a fresh start. the german artists sought connection with the art movements in europe and the united states. the idea was for art to serve as a bridge. it stood for freedom and participation in universal western values. moreover, it was hoped that the young generation, through dealing with new and unusual works of art, would be able to familiarise itself with openness and democratic practices. it was against this background that informalism developed in germany. the artists sought an intensive exchange with the french informal art and us abstract expressionism. in their works, they chose a new formal language – it was non - figurative. there was no foreground, no background, and no middle. instead, the central focus was on the painting process itself. karl otto gotz, for example, used broad paintbrushes to create his dynamic compositions with just a few strokes. the " new expressionist " exhibition in the zimmergalerie franck was an important milestone