, st petersburg, brussels, london, vienna, paris, belgrade, kremnica, budapest and berlin. for over six decades now, since the bulgarian mint opened up in 1952, bulgaria has been producing its own circulation coins, and since 1965 commemorative coins as well. in 1994 the bnb printing works was established as a structural unit of the central bank, and four years later the printing of bulgarian banknotes began. in 2013 a joint venture for production of banknotes was set up by the bnb printing works and one of the world ’ s leading banknote printers francois - charles oberthur group, france, and thus bulgaria became an important player in the banknote industry. it is interesting to note that over its 137 - year history the bnb has organised the production, issue and circulation of more than 500 types of coins, including commemorative coins and medals produced by the bulgarian mint in sofia. you know that a few months ago, on 7 december, the new 2 leva coin came into circulation. the design of that coin enjoys enormous public approval. but let ’ s come back to our exhibition. along with the coins struck after bulgaria ’ s liberation until now, the visitors will be able to catch a glimpse of the history of money on the bulgarian lands going back centuries. i am convinced that the displayed items can tell a lot about the bis central bankers ’ speeches long history and background of the economic and political life on the territory of today ’ s bulgaria. i wish much success to this exhibition. i hope many citizens and guests of burgas will come to see it, to learn more about the money used on the bulgarian lands, and to feel, as we do today, deep respect for the history and accomplishments of our ancestors. bis central bankers ’ speeches

might be affected in the future. given the relatively high level of debt, it is important to be well prepared for the potential risk that failure of individual financial institutions might become systemic and have a significant impact on economic activity. based on japan's experience, i would like to emphasize the following three points. ( 1 ) importance of establishing financial safety nets the first point is the importance of building institutional frameworks that contribute to the stability of the financial system, namely, financial safety nets. in order to prevent failure of individual financial institutions from spreading through the financial system, it is necessary to have a quick and smooth resolution framework. in addition, various prudential schemes are needed for maintaining the soundness and confidence of the entire financial system. in japan, a deposit insurance system was established at a relatively early stage in 1971. however, other key financial safety nets were introduced belatedly after japan faced and dealt with the financial crisis caused by the burst of the bubble. the main examples of these safety nets included the resolution mechanism for financial institutions, the mandatory disclosure scheme on nonperforming loans, accounting standards for the adequate write - off of nonperforming loans, and the prompt corrective action framework ( slide 14 ). in the case of japan, the government established these safety nets while dealing with the failure of financial institutions and the financial crisis. as a result, it took a long time to restore financial stability. in particular, there was no legal framework for injecting public funds into financial institutions. moreover, in the beginning of the crisis, the general public was strongly opposed to the idea of injecting public funds. therefore, business conditions of financial institutions deteriorated further until the injection was realized. in china, a deposit insurance system was established in 2015. now, it is important to develop financial safety nets further while the financial system is sound. in this regard, china introduced measures this year to encourage financial institutions to increase capital through the issuance of perpetual bonds. this approach is in line with actions taken by other financial authorities around the world. at present, based on the experience of the global financial crisis, a common understanding among the authorities is that financial institutions should secure adequate capital on their own, relative to their size, rather than rely on public funds in the case of financial stress. in order to ensure the effectiveness of capital reinforcement, regardless of the source of funds, financial institutions need to monitor their own financial conditions carefully and, if necessary, raise capital proactively