to ensure this. having briefly looked back, let me now look to the future. i would like to stress two points. first, while the banking sector is more resilient than it used to be, i am not fully satisfied with the current situation. and second, i would like us all to keep in mind that, while a resilient banking sector is a necessary condition for financial stability, it is not enough on its own. in other words, increased resilience does not mean we will never see another crisis. supervisors must continue to be tough on banks. and legislators should support them. 1 / 2 bis central bankers'speeches as memories of the crisis fade, i see a high risk of complacency. not only has there been a slowdown in the momentum for reform and further harmonisation of unjustified differences in national supervisory law, in some countries we have even started going backwards. we should all remember that the lesson of the crisis was clear : light - touch regulation and supervision of the banking sector does not work. any short - term gains will be more than offset by the damage to the economy caused by the resulting financial instability. so banks must continue to improve in several areas. and now is a good point to stress that financial stability is also good for the banks themselves. for a start, many banks should take advantage of the good times to continue cleaning up their balance sheets and adapt their business models to face upcoming challenges – the current economic environment is as good as it gets! all banks also need to further strengthen their risk management frameworks, it systems and internal capital and liquidity management. but not only banks still have work to do. in this vein, i would like to mention several points that will be relevant to the discussion later on : 1. there are still approximately 30 microprudential national options and discretions addressed to member states. 2. many important european tools, such as fit and proper assessments and the early intervention measures, are covered by directives which have to be transposed into national law. this adds to the fragmentation and leads to an uneven playing field. 3. we still lack harmonised supervision of third - country branches and investment firms. 4. for some important directives, such as the anti - money laundering one, transposition into national law has been held up or hasn ’ t even started. but as i promised to keep this statement short, i will stop here for now. thank you for your attention,

was laid in 2015, when the nbu gained true institutional independence and the mandate to pursue price and financial stability. as with every central bank, we started out with a classic toolkit : banks, experts, and the media with which we communicated through press releases, press briefings, meetings, and interviews. however, the financial and economic crises, which prompted the nbu to develop more rapidly, compelled us to take our communications to a higher level of transparency. yes, strangely enough, it took a crisis to inspire that change! with a large - scale cleanup of the banking system underway, peaking inflation, noticeable depreciation of the hryvnia, international reserves at an all - time low, and the prospect of significant repayments on public debt looming ahead, ukraine was going through a severe economic crisis. add to this the fact that public confidence in government institutions was at its lowest, government communications were in tatters, the media market was underwater, and the expert community was stagnating. any institution would opt to become even more closed in those circumstances. but we made an opposite decision. we adopted the new culture and values that are built around responsibility to the public. we decided that breaking the silence was the only way to fight back the endless attacks by oligarch bankers, manipulations by politicians, and a downpour of fake news. since then, we have strived to explain our actions to the public every step of the way. we have expanded our audience to include businesses, nonbank financial institutions, academia, students, and – most important – the general public. we commit to be accountable before the people for our actions and our words. we clearly declare the opportunities and challenges ukraine faces. we not only communicate with clients through our official website and the media, but also gradually learn to be the media, communicating directly with the public on five social media. we 2 / 3 bis central bankers'speeches counter fake news with fact - checking and are not afraid to speak up when we see a storm approaching that threatens to engulf the country. over time, we came to a conclusion that, when choosing with whom to communicate, central banks must also address the questions of what, how, and where to say. and so, we realized which direction we should take as evolved. this led us to adopt another milestone document last year, which will keep us from abandoning our chosen course. i am talking about the nbu ’ s updated communication strategy. once introduced,