nina stoyanova : banks and business speech by ms nina stoyanova, deputy governor and head of the banking department of the bulgarian national bank, during the video conference " banks and business ", organized by the capital newspaper, 2 december 2020. * * * i would like to welcome you to the video conference on banking and business, organized by the capital newspaper. the banking sector is sending off a challenging year. in 2020, we witnessed the unprecedented pandemic caused by covid - 19, the imposition of measures to prevent its spread, which led to an economic downturn, as well as to many difficulties facing business and the people we have to deal with on a daily basis. however, there were also positive events during the year, such as the inclusion of the bulgarian lev in monetary mechanism ii and the establishment of close cooperation between the bulgarian national bank ( bnb ) and the european central bank ( ecb ) in the field of banking supervision in july. 2020 banks in bulgaria were able to quickly adapt to the new reality resulting from the pandemic and ensure continuity in the provision of financial services to businesses and citizens. this became possible due to the high degree of electronicization and digitalization of the banking sector in the country. the focus of the activity of both the bnb as a regulator and the payment service providers in 2020 was aimed at increasing the security of electronic payments with an emphasis on card payment transactions on the internet and the opening of access to payment accounts ( the so - called “ open banking ” ). both processes are expected to be completed by the end of 2020 within the deadlines for the european union. the package of digital finance documents published in september 2020 by the european commission gives us a look at the future of payment services in the medium term. one of the important aspects in it should be the forthcoming revision of the payment services directive ( psd 2 ) in 2021. a comprehensive assessment of the impact of the in - depth identification of the customer on the level of payment fraud is to be made. new requirements will be considered to reduce “ social engineering ” or “ phishing ” fraud, including a match requirement between the payee ’ s name specified in the payment order and that of the account holder. special emphasis will be placed on the prevention of fraud in immediate payments. the possibilities for using the electronic identification and the solutions based on the certification services for fulfillment of the requirements for in - depth establishment of the client ’ s identity upon entering the account

pdf. see, for example justin bloesch and francois gourio ( 2015 ), “ the effect of winter weather on u. s. economic activity, ” federal reserve bank of chicago, economic perspectives, vol. 39 ( first quarter ), pp. 1 – 20, https : / / www. chicagofed. org / publications / economic - perspectives / 2015 / 1q - bloesch - gourio ; justin gallagher and daniel hartley ( 2015 ), “ household finance after a natural disaster : the case of hurricane katrina, ” working paper 14 - 06r ( cleveland : federal reserve bank of cleveland, december ), - 8events for all our work — from forecasts for the federal open market committee to guidance provided to banks in the wake of federal disaster declarations to our efforts to understand the effects on low - to moderate - income communities. 19 work to understand the implications of climate - related risks for our economy and financial system is at an early stage. that is why we are particularly eager to learn from the work of our colleagues here and abroad. in that regard, the commodity futures trading commission ’ s ( cftc ) vote to establish the climate - related market risk subcommittee is noteworthy, and i look forward to their observations. 20 https : / / www. clevelandfed. org / en / newsroom - and - events / publications / working - papers / 2015 - workingpapers / wp - 1406r - household - finance - after - a - natural - disaster. aspx ; daniel j. wilson ( 2017 ), “ the impact of weather on local employment : using big data on small places, ” working paper 2016 - 21 ( san francisco : federal reserve bank of san francisco, june ), https : / / www. frbsf. org / economicresearch / files / wp2016 - 21. pdf ; and brigitte roth tran ( 2019 ), “ sellin ’ in the rain : adaptation to weather and climate in the retail sector, ” finance and economics discussion series 2019 - 067 ( washington : board of governors of the federal reserve system, september ), https : / / doi. org / 10. 17016 / feds. 2019. 067. see stephie fried, kevin novan, and william b. peterman ( 2016 ), “ the distributional effects of a carbon tax on current and future generations, ” finance and economics discussion series 2016 - 038