advanced stage of preparation, after a long period of working vis - a - vis the ministry of finance and the prime minister ’ s office, and the government has adopted the principles we formulated. the proposed law is appropriate for a modern economy, with decision - making processes and mechanisms that ensure transparency and internal and external controls suited to an independent central bank operating in a democracy. the new law will define the aims of the bank more correctly and accurately, with the maintenance of price stability as its top priority. the independence of the bank in the use of the instruments to implement its policy will be clearly specified, and a new mechanism will be instituted for decision making regarding the interest rate policy and the management of the bank. two new bodies will be established : ( 1 ) a monetary committee headed by the governor, whose members will include people from outside the bank with the appropriate professional background and with no potential conflicts of interest ; ( 2 ) an administrative council that will act as the bank ’ s board of directors, with a majority of members from outside the bank, one of whom will serve as chair of the council. the council will approve the administrative aspects of the bank ’ s operations, including work plans, the bank ’ s budget, and salaries. the decisions of the monetary committee and the administrative council will be transparent to the public, the knesset, and the government. to conclude, i would like to express the hope that the bank of israel will be able to continue with the goals we have set ourselves, and that we will soon present to israel a central bank that will enjoy the continued confidence of the public not just in its professionalism but also in the legal and administrative framework in which it operates.

dimitar radev : the banks entered the current crisis well - prepared thanks to what has been done in recent years speech by mr dimitar radev, governor of the bulgarian national bank, at the opening of the jubilee academic year at the unwe, sofia, 14 september 2020. * * * dear colleagues, dear guests, thank you most sincerely for this opportunity to take part in the opening of the new academic year at the university of national and world economy ( unw e ). this academic year coincides with the remarkable 100th anniversary of our university. this is a good opportunity to once again express our gratitude to the generations of professors, students, administrators, and to all those who helped the unw e become what it is today – the biggest, the oldest and the most respectable business university in southeast europe. this year is unique and not for very positive reasons, including the health crisis which turned into an economic one, and the complicated political situation. due to these developments we are faced with very difficult challenges, the true response to which must be institutional. in this sense, today ’ s situation is a test of the institutions. when speaking about institutions, i mean the entire spectrum – from politics, the healthcare and educational sectors and the economy, to public finances and banks. the healthier the institutions are, the stronger the response will be. if we are unable to give an adequate institutional response, the effects could be disastrous. i will focus on what is happening in the banking sector in response to the crisis, and also from a broader strategic perspective. the banks entered the current crisis well - prepared thanks to what has been done in recent years. i will only mention the unprecedented in their scale and depth asset quality review and stress tests conducted in the banks by the bnb and the european central bank. one of their main objectives was to get the banks prepared for the most adverse macroeconomic scenarios which many, at the time, considered to be impossible to materialise. now that we are going through these ‘ impossible ’ scenarios, we see that the banks are responding adequately and they continue to be in good shape. this good preparation helped us, at the very beginning of the crisis, to take additional measures and reinforce the banks ’ capital position and liquidity. among the measures were the full capitalisation of all the profits in this sector, strong reduction in foreign exposures, and also cancellation of the planned additional capital requirements associated with cyclical risks. this package of measures ensured an