the communication strategy will rebuild trust to the regulator, maximize the influence of the nbu ’ s policy on the behavior of target audiences, and reduce economic uncertainty through provision of information required to make informed decisions. the central banking awards 2019 for transparency, which the nbu ’ s team had an honor to receive, recognizes our progress in moving in the right direction. the fact that the international community placed the nbu on a par with the central banks of sweden, canada, czech republic, ireland, and israel is undoubtedly a recognition of our achievements. but the road ahead is long and winding. the world is changing by the day, and central banks must keep abreast with it. the difficult time that the global economy in general and ukraine in particular are going through is the best time for change. now that central banks have found themselves outside their comfort zones is the best time for change. the nbu is ready to evolve alongside you. i hope that this conference will give us a boost and inspire us as we evolve together. but before i give the floor to our honorable speakers, let me take the nbu one step closer to a future that is more transparent. let me open my personal twitter account and send my first tweet as we speak! on second thought, let ’ s do it together! here comes my first tweet! thank you for your attention! i wish you many interesting speeches and live discussions in the following two days! 3 / 3 bis central bankers'speeches

this is not the strategy ’ s only feature. also for the first time ever, we have changed the philosophy of our relationship with individuals and institutions as clients with which we interact and for which we work every day. paraphrasing what president kennedy said in his inauguration speech over 60 years ago, i would say, “ ask not what your stakeholders can do for your central bank – ask what your central bank can do for its stakeholders. ” 1 / 3 bis central bankers'speeches the need to be client - oriented sets a new and, let ’ s be frank, a high bar for the ability of central banks to build and maintain dialogue. it goes without saying that central banks use communications as an important policy tool. but it is important to remember that transparency must be effective. it must help central bank pursue its mandate, which consists in ensuring price and financial stability. during these two days, we will discuss this aspect of central bank transparency on more than one occasion. but it ’ s time for us to admit that this passive, one - way communication, when central banks used to make everybody listen with bated breath to whatever scanty and vague words they had to offer, no longer works. ultimately, this approach undermines the effectiveness of central bank policy. “ if you don ’ t understand us, it ’ s your problem ” is the rhetoric that is outdated and obsolete. today, if you – our clients – have difficulty understanding us, it ’ s our problem. institutions that make themselves heard and understood are the only ones that get public trust. institutions that have public trust are the only ones that receive support and commitment. institutions that have public support are the only ones that can withstand the pressure of populism, fake news, manipulations, and attempts to turn these institutions into instruments for certain business interests that run counter to the interests of the people. under these circumstances, the central bank should transform taking the corporate sector as an example and begin to finally listen to clients and seek two - way communication. when communicating with clients, the central bank should take an individual approach to every client, choosing words that are intelligible and important and ones that interest the client. at the same time, the central bank must choose communication platforms that are suitable for every party. long story short, the need to be client - oriented compels banks to transition to targeted communications. we at the nbu have been moving in that direction for five years running. the groundwork for greater transparency