already made in operationalizing the crisis management framework in bulgaria. the key actions so far include : regular meetings of the fsac to assist in developing common policies, better coordination and exchange of information with a view to maintaining stability and further developing the financial markets ; launching a new department within the central bank with operational tasks and responsibilities in the area of bank resolution ; collection of the first contributions from the banks into the brf, which will amount to nearly 1 / 2 bis central bankers'speeches bgn 300 million, including the upcoming 2017 installments ; approving the resolution plans for the foreign subsidiaries belonging to banking groups operating in bulgaria. we have already planned the next steps, which will further build on recent progress. our efforts are focused on the following groups of measures : expanding the fsac mandate, including for better coordination of agencies ’ contingency planning in response to situations threatening financial stability ; creating capacity for the practical application of resolution tools, more specifically the sale of business, the bridge institution and the bail - in tools, if needed ; prioritising the resolution planning for domestic systemically important banks ; this process is presently underway but their resolution plans are not yet adopted ; addressing financial and legal restrictions on liquidity support by the central bank, taking into consideration both the existing currency board regime and the eu state - aid rules and procedures for public support to banks. we plan to apply the above measures along with further strengthening banking supervision, reducing bank nonperforming loans ( npls ), and further developing the overall financial sector safety net. to this end, we are in the process of preparing : an action plan for further banking supervision reforms with a focus on developing supervisory rules and procedures and the relevant it infrastructure to improve compliance with the bcp ; a strategy for reduction of npls, including the use of macroprudential supervisory review tools to promote sound bank practices for loan loss provisioning ( following the ifrs but also specifying certain supervisory expectations ), npl write - downs, and collateral valuation ; a joint bnb - mof strategy for liquidity assistance to solvent banks facing liquidity pressure, that would ensure compliance with the central bank requirements for the highest quality of collateral. after the problems in 2014, all key elements of the crisis management framework are available now in bulgaria. this framework is built on sound foundations and is fully consistent with the most recent eu legislation in the credit institution resolution area. in spite of the progress achieved, much remains to be done, mainly

last century the newly created euro replaced the deutsche mark as the reserve currency of the currency board in bulgaria. to sum up, our own experience is part of the global history of alternating monetary policy regimes. it motivates our interest in both the history and future of monetary unions. as central bankers we do look forward to the papers and discussions today, since the historical perspectives therein should also bring out rather relevant contemporary insights for policy. after the covid19 outbreak disrupted our usual ways of communication and in - person contacts, this may be among the first international conferences on financial and economic history to take place physically again. to be more precise – almost entirely physically – since some of our speakers have had to deal with last - minute unforeseen circumstances and will present their research remotely. thus, today we will have the opportunity to appreciate a series of papers and presentations, 1 / 2 bis central bankers'speeches commencing with the keynote speech by thomas mayer. he will lay ground by pairing the two main functions of money. on the one hand, money is a means of transaction that stores value over time and space while being a standardised unit of account to record this exchange. on the other hand, the printing or minting of money has been a potent funding instrument and a symbol of the state. therefore, we expect to hear what motivates sovereign states to choose to adopt a common currency in a monetary union. we have seen in history how newly established states are eager to reaffirm independence in their internal political discourse by creating a national currency, but then resort to pegging to global currencies if, for example, in need to rein inflation or gain overall policy credibility. sometimes they even adopt a foreign currency as their own unilaterally, as demonstrated by recent examples in close parts of europe ( kosovo and montenegro ). after the introduction and the keynote, the conference explores four directions of thought on the topic of monetary unions in history. a panel is devoted to each of them. the first panel will explore the link between monetary unions and economic integration by offering a glimpse in their history. the second session will focus on twentieth century monetary unions following the great and continuous economic stress of the first world war. the third panel will examine monetary unions as facilitating tools for greater customs and economic integration within the comecon and the austro - hungarian empire. finally, the last session will address the question to what extent the political relations transcend in the monetary unions as well illustrated by the great