now we are sitting in the changing room, looking in the mirror and trying to find the strength to go out on the field again, knowing that success will require new tremendous efforts. and we have only three options - one is to give up and take care of our personal peace of mind. this is the easy way. another one, that of the favourite team, is to blame fate for not being on our side. this is the convenient way. or we can be like liverpool - the team that has shown time and time again that nothing is impossible when you have the right attitude and you are ready to do your best, whatever the result. this is the responsible way. as i said in the beginning, at some point in life everyone has to determine what their vocation has been. burov was once asked who the great public figures of his time were. and he answered - there are none. not because he did not have any smart and even genius contemporaries, but because they failed to make any significant accomplishments. accomplishments that answer the question of why we are in this world and in this position, what our " mandate " will be remembered for. 2 / 4 bis - central bankers'speeches and if i have to be quite direct, this will not be the record profit, or the leading market position, or another takeover. no. what we will be remembered for will be the meaningful choices we have made and the motivation that has guided us. this is not an easy choice because living up to the historical moment in which we are destined to live and work means putting aside our own personal interest or comfort and thinking of the public interest. and what is the public interest at this moment? economic discussions can be very interesting and intellectually stimulating, but mostly in a laboratory setting. in real life, we should take into account the social realities and what is happening in the world. the most important question we have to answer today is where we see bulgaria after a series of liberation struggles, communism, and the transition to democracy. and we can find the answer in the words and actions of our revolutionaries, or to quote levski –'to be equal with the other european nations.'opposition to joining the euro area is extremely fierce. the role of leaders in our society is to take responsibility, to set the direction and to prevent fraudulent misrepresentations. i believe that it is not by chance that our paths met at this very moment. it is our responsibility, leading by example and

actions, to complete the transition that began over 30 years ago and to make our country a full - fledged and respected member of the european family. and before i finish, i want to say a few words about the specific challenges surrounding bulgaria's entry into the euro area. they go in three directions : the most important thing, as i already mentioned, is our example. in a situation of multiple crises, it is quite normal for the bulgarian citizens to be worried and easy to manipulate. it is our responsibility, by example and arguments, to reassure and guide them in the process of joining the euro area. education - in the short and long term. explain, elucidate, enlighten. every single day, among the people, in their language. we owe this effort to the bulgarian citizens so that they can feel at ease and make the right decisions for their future. involvement – just because we have the right arguments and messages does not mean that they have been heard by the people. succeeding in point 2 requires that we reach every person. and for that we need general mobilisation of efforts - of institutions, the business, non - governmental organizations. we must all work together to achieve the desired result. and in conclusion, an important lesson that i always try to convey to my students - good results always and everywhere come from our own efforts. contrary to what we are constantly told, a happy life is not a consequence of avoiding challenges and looking for the easiest way. on the contrary. it is a consequence of facing events free from selfinterest and taking difficult actions consistent with our values and our mission. are we ready to do it? i believe so and i am looking forward to being together in our quest for a better and fairer bulgaria as a full member of the big european family. 3 / 4 bis - central bankers'speeches thank you for the attention! 4 / 4 bis - central bankers'speeches