of responsibilities and powers between the single resolution board and the bnb as the national authority for resolution of credit institutions. bulgaria ’ s legal framework for joining the single resolution mechanism is already in place. the preparation for joining the single resolution fund, including for calculating banks ’ contributions to the fund, and the preparation of the bank resolution planning process after joining the single resolution mechanism are very advanced. the banks in bulgaria have an important year ahead, which we expect to be overall successful for the sector. banks ’ operations continue to take place in an environment of rather optimistic attitudes of enterprises and households amidst a relatively high growth of the bulgarian economy. at the same time, the external environment holds risks and insecurity that, due to the openness and international integration of our economy, could potentially affect the economic 1 / 2 bis central bankers'speeches situation in bulgaria. some adverse scenarios could exacerbate aspects of the risk profile of the banking sector. therefore, it is essential that in their behaviour banks continue to take into account the main risks, including profitability risks and asset quality risks. 2 / 2 bis central bankers'speeches

process is the number of the senior managing officers in the area of finance and banking who graduated in countries from the francophonian world. of the sixteen governors of the bulgarian national bank who managed it during the period from its foundation to the second world war, eight received their higher education in economics, political science and law in belgium, france and switzerland, or specialised there. in the same period, thirty - two people held at different times the position of minister of finance, of whom nineteen graduated or specialised in these countries. today, many bulgarians continue studying the french language and culture in our schools or receive their education in francophonian countries. they are part of the 175 - million french - speaking community and in addition to the common language they are part of a common culture, which extends to all spheres of our life. i am proud that part of these people work in the bulgarian national bank and contribute a lot to the success of our institution. the increased economic and financial interrelatedness and interdependence of the countries call for ever - greater co - ordination of the economic and financial policies of the individual governments. the establishment in the 90 - ies of the past century of the principles of free movement of goods and capital increased the interdependence of the financial systems across countries, so that financial stability is no longer a national but a global issue. the significant participation of foreign capital in the banking system of a country and the massive movement of capital, largely contributing to the formation of serious imbalances, changes significantly the understanding of systemic risk and the approaches to its assessment. the above process of interrelatedness of the banking systems of individual countries necessitated the adoption of new principles of surveillance over the banking sector, as well as analysis and control of the risks arising from the ever - increasing interrelatedness between the banking sector and the other segments of the financial market. the implementation of basel ii will pose a challenge to the entire financial community, while for the newly emerging economies this process will be a serious test since their banking systems are very much open. the discussion of the common supervisory framework also brings forward the question as to what extent the high rates of growth of credit for the private sector, globally, and in many of the dynamically developing countries, in particular, poses a risk to financial stability and how much supervisory policy could be used as a tool for solving this problem. the process of financial sector globalisation, which i already mentioned, raised for many