outcome of decades of evolution. and this reflects, and is consistent with, the long - term developments of central banks ’ mandates globally. it can be argued from a historical perspective that changes in these mandates follow common evolutionary paths which are often shaped by crises, such as the global one in 2007 / 2008. the financial stability focus that led to reassessing the importance of financial stability as a policy objective of central banks. before the 2007 / 2008 global crisis, central banks focused on price stability as their primary objective. the crisis triggered a change in the broad environment in which central banks operate 1 / 3 bis central bankers'speeches and thereby also necessitated a continued evolution of the role and governance of our institutions. concerns were raised regarding the ability of central banks to prevent and manage financial crises. this provoked a discussion of central banks ’ role in safeguarding financial stability. ultimately, there was recognition of the need to reconsider or adjust the central banks ’ responsibilities related to financial stability. a major policy response since the global crisis was the enhancement of macroprudential policy framework and the assignment of additional responsibilities to central banks in the fields of financial stability. then central banks developed tools for the practical implementation of the macroprudential framework. understanding the financial cycle the new policy framework and tools, however, can only be as good as the capability to “ diagnose ” when their application is needed. they have limited value, if any, for the purpose of safeguarding financial stability unless the macroprudential authority can detect the accumulation of cyclical systemic risk in the financial system. in other words, achieving the financial stability objective through macroprudential measures cannot be sustainable without understanding the financial cycle. that is why we have considered this to be a topical issue to devote our anniversary conference to. there is no single generally accepted theoretical basis, nor a dominant method, for measuring the financial cycle. thus the role of research becomes significant for policymaking. that is why today ’ s conference is conceived to bring together academic research and central bank practice. the conference structure reflects an understanding that the global financial cycle affects the euro area and its monetary policy, which in turn affects the financial cycle in europe beyond the euro area. therefore, the first session of the conference is on the current phase of the global financial cycle which is to a large extent driven by the us monetary policy. we recall from the 2007 / 2008 crisis how the financial disruptions originated and triggered a full - scale global crisis. the second

. the advantages of dedicated interfaces are considerable – they have a higher degree of security, speed and are capable of accepting a large number of simultaneous requests. however, the use of dedicated interfaces also presents a great deal of challenges – their development is a costly and complicated process which requires coordination between various units of the banks, their external developers, and the providers of the new services. main priority is ensuring the security of the processes, without compromising their functionality. insofar as the legal provisions of delegated regulation ( eu ) 2018 / 3893 are more general, its practical application raises many issues that require additional clarification. to this end, in 2019 4. the european banking authority ( eba ) established a working group on apis under psd2 within this group, representatives of the eba, the national competent authorities, the european commission, and the european central bank consult the market participants ( banks, third party providers and industry organisations ) and identify potential practical implementation problems and possible solutions thereof. based on the consultations, by 31 july 2021 the eba has published clarifications on 31 issues relating to the practical application of the requirements for apis. with the aim of converging the supervisory practices among the member states of the european union, in june 2020 the eba published its opinion on obstacles under article 32 ( 3 ) of the regulatory technical standards on strong customer authentication and common and secure open standards of communication ( eba / op / 2020 / 10 ) 5. the work on the raised issues is still going on via the q & as published by the eba6. the bulgarian national bank, in its capacity as a regulator, has active communications with the market participants with the aim of improving the functionality of the dedicated interfaces already 2 / 3 bis central bankers'speeches built by the banks in the country. the process is developing in line with the european progress and in compliance with the legal framework, the opinions and clarifications published by the eba. the first authorised in bulgaria providers of the two new payment services started their activities in 2020. in conclusion, we can sum up that the trends in europe are related to the development of a single european payments infrastructure based on common standards and instruments, aiming to ensure a pan - european scope and reach. instant payments, which are in a process of introduction also in bulgaria, open banking, and the increasing use of mobile technologies are topical issues both in the country and in the european union, issues that