are six points of special interest for the ecb, which i will deal with in the remainder of my remarks. to start with, it is imperative that the ecb sticks to its mandate to maintain price stability over the medium term. this, despite the many calls to widen its mandate to explicitly include financial stability considerations and / or domestic employment goals. in theory, delegation of a task to an independent authority is more acceptable – when the delegated task is clearly specified and has no overlap with other policy tasks ; – when there are relatively few distributional implications ; – and when a clear - cut measure of accountability can be achieved. these conditions are largely satisfied when monetary policy is primarily geared at achieving price stability. especially if we compare this with monetary policy disciplined by a dual mandate, which is – in volcker ’ s words ( 2012 ) – “ operationally confusing and ultimately illusionary ”. second, the ecb should continue to explain the rationale behind its unconventional monetary policy measures to the public. while most major central banks have employed unconventional monetary policy in response to the crisis, the exact measures and foundations have differed significantly across central banks. the ecb ’ s approach differs from that of the other major central banks in that its unconventional monetary policy measures aim to support the effective transmission of monetary policy to the economy, instead of delivering a direct stimulus. in this sense, ecb ’ s unconventional monetary policy measures are a complement to, rather than a substitute for, standard monetary policy. they aim to restore a more normally functioning transmission mechanism and contribute to an environment where standard bis central bankers ’ speeches measures can operate effectively. underlying this approach is the euro area ’ s financial structure : in the euro area, banks are the main agents for channeling funds from savers to borrowers, while in many other countries market - based financing predominates. the largely bank - based structure of financing in the euro area is reflected in the ecb ’ s monetary policy and in the design of its unconventional monetary policy. it could hence be argued that ecb ’ s unconventional monetary policy measures are “ purely ” monetary policy. and, i would add, should also remain there. third, the ecb should take the specific modalities of the unconventional monetary policymeasures into account. for these modalities might influence the extent to which central bank independence is at risk. after all, large - scale outright asset purchases will result in a different risk profile for the central bank ’ s balance sheet

that banks reclassify exposures as restructured or in default in a timely and adequate manner. the actions of the banks in this regard will also engage 2 / 3 bis central bankers'speeches the supervisory process as important input information in the supervisory review and evaluation by the bulgarian national bank. the above outlines the framework for action in the short term. the main points of this framework are : continuing the previously adopted anti - crisis measures for as long as necessary, including with regard to the dividends, the risk exposures and the countercyclical capital buffer ; maintaining the high capital and liquidity requirements, in this regard we are ready to respond to a scenario in which the banks may have to operate temporarily under the combined capital buffers requirement ; and implementation of the newly adopted eba framework for a moratorium on loan repayments. we are ready to activate additional measures if the development of the situation so requires. it is very important in the difficult environment, in which we find ourselves, and strongly committed to anti - crisis measures, not to lose our strategic focus, which is aimed at successfully continuing and finalising the project we started a few years ago for joining the euro area. the bulgarian national bank has serious responsibilities in this process and has been ceaselessly pursuing them. so far, the bnb governing council has adopted concepts for the work in the main areas of activity ; a package of amendments to the internal rules and regulations, as well as specific measures for resource and capacity improvement. our full participation in the institutions of the banking union plays an important role in consolidating the integration process. obviously, this is a topic that will be on the agenda in the next few years and one we will have many occasions to discuss. meanwhile, maintaining the capacity of the banking sector for continuity of lending activities will be our joint contribution to supporting each individual bank customer and the country ’ s economy. as during the most difficult phases of the crisis, the banking sector should be able to take on the supportive role as a source of credit in the subsequent period of recovery and growth as well. despite today ’ s crisis picture, such a period may occur relatively soon. the challenges arising from covid - 19 appeared unexpectedly and the negative results in the economy manifested themselves quickly ; yet overcoming the crisis may just as likely occur in the foreseeable future, if solutions are found to effectively restrict the pandemic. let us mark the banker ’ s day in the difficult and unprecedented 2020 on such a