we will continue to talk about. the payment services in bulgaria are evolving in line with the dynamic processes in europe, gathered around digitalisation, new technologies, and the ensured security of the payment process. 1 contactless payments on consumer off - the - shelf devices ( cots ) and software based pin entry on cots 2 payment card industry security standards council ( pci ssc ) 3 commission delegated regulation ( eu ) 2018 / 389 of 27 november 2017 supplementing directive ( eu ) 2015 / 2366 of the european parliament and of the council with regard to regulatory technical standards for strong customer authentication and common and secure open standards of communication ( rts on sca and csc ) 4 www. eba. europa. eu / regulation - and - policy / payment - services - and - electronic - money / eba - working - group - on - apis - under - psd2 5 opinion of the european banking authority on obstacles under article 32 ( 3 ) of the rts on sca and csc 6 www. eba. europa. eu / single - rule - book - qa 3 / 3 bis central bankers'speeches

ivan iskrov : conflicts and complementarities between monetary and macroprudential policies opening speech by mr ivan iskrov, governor of the bulgarian national bank, before the international conference on the occasion of the 15th anniversary of the introduction of the currency board arrangements in bulgaria “ conflicts and complementarities between monetary and macroprudential policies ”, organised by the bulgarian national bank, sofia, 5 – 6 july 2012. * * * dear ladies and gentlemen, it is my pleasure to be here today with you and to open this conference under the topic “ conflicts and complementarities between monetary and macroprudential policies ”. these issues have been discussed extensively in recent years by policymakers, financial market players and academicians alike. the ongoing financial and sovereign debt crisis has sparked a need to reassess the existing economic governance structure and to come up with options for better policies. and one of the key aspects of this debate is about the optimal mix of policies, which is precisely the topic of our conference. the bnb has decided to organise this conference because there is a big interest nowadays in the way monetary and macroprudential policies interact or, according to some, could be even in conflict. since these issues to a great extent relate to the role and responsibilities of the central banks, the timing of this conference conveniently coincides with the 15th anniversary of the introduction of the currency board arrangements in bulgaria. this is an opportunity for us to discuss the success of bulgaria ’ s monetary policy regime in the broader context of the lessons from the current crisis. the speakers and discussants from the bnb today and tomorrow will share the knowledge we have acquired, based on our rich institutional experience. the experience of the bulgarian central bank is unique. we are one of very few central banks in the world which have both practiced “ conventional ” monetary policy ( involving setting of policy rates and conducting open market operations ) and then operated a currency board after that. we have had a track record, during the last two decades, of monetary policy under two remarkably contrasting regimes. thus our legacy is very different from that of the other similar monetary policy regimes in europe ( such as estonia, lithuania, or bosnia and herzegovina ), where the currency boards were adopted by newly - established central banks in newly - independent states as a means of bringing confidence in a new national currency, promoting political emancipation and national identity. that was not our case, however. the currency board arrangements were introduced in bulgaria exactly 15 years