additional resource of bgn 9. 3 billion in the banking system. the package of measures has not been launched only and exclusively for banks. it has rather been designed to ensure that banks are able to take steps and cushion the effects of the crisis for businesses and households. the main tool that was used to this purpose and is still in place is the so - called ‘ private moratorium ’ on loan payments. up to now payments for over 14 thousand businesses and over 93 thousand households, totalling more than bgn 9 billion, have been suspended, which really and considerably eases the financial conditions during the hardest time of the crisis. the crisis has moved the external financing conditions issue to the top of the agenda. you know that the crisis triggered the accumulation of deficits which must be financed and the required financial buffers must be maintained. therefore, we had to give an additional signal to markets and investors that bulgaria stays stable in the crisis in terms of its financial position and its 1 / 2 bis central bankers'speeches monetary regime. this signal was given with the eur 2 billion swap line set up between the european central bank and the bulgarian national bank, and it has been read unequivocally as a positive one by markets, rating agencies, and investors alike. i want to point out one very important thing – the conclusion about bulgaria ’ s strong financial position remains valid now, despite the developments in the last months. a drastic change of this direction would be a mistake with serious repercussions. all measures so far pursued in relation to the banking sector, which i believe were successful and timely, do not, in any way, diminish our concern of what is happening and is going to happen in the coming months. there is great uncertainty as to the development of the health crisis, the economic crisis related to it, and to how the political situation will evolve. therefore, as you may have seen from the data we recently published, the bulgarian national bank remains conservative in its economic growth forecasts, and with a rather broad range of assumptions, at that. we are presently working on a new, updated assessment of this year ’ s situation and of our expectations for the next one. we will publish this assessment in october. we also carefully monitor the economic developments in the euro area, which will be of crucial significance, mainly regarding, but not limited to, external demand, for the way and the pace of recovery of our economy. we share the assessment of the european

countries the issue of choosing between either following a national monetary policy or joining a monetary union and carrying monetary policy to a supranational level. the experience of a successful realisation of the economic and monetary union in europe, as well as the experience of the countries from the area of the frank are a good practical example for all of us about the potential advantages and challenges associated with a country's participation in a monetary union. taking monetary policy to a supranational level is inevitably related to providing greater independence for the national central banks and delegating certain powers at a supranational level. in the democratic world, the independence of conducting policy on the part of central banks is inseparably linked to the higher degree of their transparency and reporting. of course, striking the right balance between these three principles is a process related to the economic and political traditions of individual countries. the issues i touched upon are important for the operation of any modern central bank. today, i am particularly happy with the fact that these issues will be discussed within the club of the francophonian central banks, where we have a very broad set of traditions, experience and knowledge. i believe that we are going to have a useful and fruitful discussion. thank you for your attention!