good cooperation of the experts, their commitment and dedication to the project, at today ’ s first meeting, the steering committee adopted the benchmarks in all planned areas, whereby, i am pleased to say that the first stage of the project has been successfully completed. in the forthcoming period, the eurosystem experts should assess the legal framework and the nbrm ’ s practice in these areas and identify “ the gaps ” against the agreed benchmarks, to which the nbrm is fully committed and ready for open collaboration. the recommendations and directions that will be presented in the form of the report at the third and final phase, will be the basis for designing the future strategy of the nbrm for strengthening its institutional capacity ladies and gentlemen, the implementation of the european standards and best practices by the nbrm is of utmost importance, as it will not only enable the process of accession of the nbrm to the european system of central banks, but it will also contribute to the providing of bis central bankers ’ speeches price stability and stability and efficiency of the financial system in the country, in general, which is a precondition for eu membership. rest assured that the management and the employees of the nbrm will address this challenge in a professional manner and will use this project to further strengthen the capacity and credibility of our institution. finally, let me wish all the participants in the project a successful cooperation in their future work, believing that the cooperation with the ecb and the national central banks of the escb will further deepen in the future. i would once again like to thank the eu delegation for enabling the implementation of this project with the hope for further support in providing subsequent project for the implementation of the recommendations, and thank the other guests for their presence. bis central bankers ’ speeches

, not only today, but for years back, is how to deliver the most appropriate policy mix that will support demand and activity, while safeguarding against macro - financial risks. recent crisis has brought financial stability to the fore acknowledging the importance of central banks in financial stability, a task which they have historically performed, though to a varying degrees. according to a bis study ( 2009 ) central banks ’ arrangements for financial stability as they stood before the crisis have differed widely across countries, both for normal and crisis times. banking supervision was not always tasked to the central bank, with many central banks lacking a clear mandate for macro prudential policies. as it comes to advanced economies, the common practice before the crisis was generally characterized by separation in responsibilities with respect to monetary policy and banking supervision, delegating each function to a different regulator. looking at eu, the integrated model of supervision was predominating across the member states, capturing the form of unified financial and banking oversight under one single national authority, but generally, not the central bank. the situation was quite different in emerging countries where central banks tended to be the main micro prudential supervisor for banks. in response to the crisis, there was a visible convergence in both, advanced and emerging economies, towards integrated supervision under the common roof of the central bank, usually by using the “ new ” formula of bis central bankers ’ speeches macro - supervision. the role of sound supervision was endorsed as absolutely vital for promotion and maintenance of healthy financial system, while central banks got recognized as leading protagonists in the area of prevention, management and resolution of financial crises. thus, in 2010, the us has passed the dodd - frank act redesigning the role of fed in financial supervision, while in eu there is an ongoing process towards a banking union assigning banking supervision to the ecb together with the national supervisory authorities of the participating member states. the benefits of integrated supervision rest on the synergies between banking supervision and monetary policy given that banks play the crucial role in monetary policy transmission mechanism. in such a context, the supervisory information regarding the individual banks ’ health can be highly beneficial to central banks in enhancing monetary policy effectiveness. on the other hand, expanding the central bank ’ s mandate with additional tasks may pose challenges with respect to central bank governance. as noted by georgsson et al. ( 2015 ) the broader the mandate a central bank has, the more often it will be forced to find a balance between different objectives, tasks and tools. studying the