when we initiate new common projects in europe, they should adhere to the same criteria that brought success 70 years ago : they must be based on a consensus that action is truly necessary ; the projects should complement the actions of governments ; they should be clearly linked to people ’ s immediate concerns ; they should unequivocally concern matters of european or global significance. if these criteria are applied, there are many areas in which europe does not need to get involved. but there are also important areas where it clearly needs to, and where european initiatives are not just legitimate, but even essential. today this notably includes the fields of migration, security and defence. both types of action are essential because unresolved internal divisions, for instance concerning the completion of economic and monetary union ( emu ), are likely to distract us from addressing the new geopolitical, economic and environmental challenges. this is a real danger in europe today – and it is one we cannot afford. we need to find the strength and wisdom to resolve our differences and go forward together. to do that we need to rediscover the spirit that led a small number of great leaders, in much more difficult conditions than we face today, to overcome mutual suspicion and succeed jointly instead of failing separately. so to conclude, let me quote again alcide de gasperi, whose words resonate as much today as they did in 1952 : “ economic cooperation is, of course, a matter of compromise between the natural desire for independence of each participant and overriding political aspirations. if european economic cooperation were dependent upon the compromises put forward by the various administrations concerned, we should probably be led into weaknesses and inconsistencies. so it is the political aspiration for unity which must prevail. we must be guided above all by the overriding realisation that it is essential to build a united europe in order to ensure for ourselves peace, progress, and social justice ”. 7 speech to the consultative assembly of the council of europe, strasbourg, 16 september 1952. bis central bankers ’ speeches

ivan iskrov : association of banks in bulgaria – 20 years congratulatory address by mr ivan iskrov, governor of the bulgarian national bank, to the association of banks in bulgaria on the occasion of the 20th anniversary of the association ’ s foundation, sofia, 3 april 2012. * * * mr. president, ladies and gentlemen, dear colleagues and friends, it is a great honour and a pleasure for me to be here today commemorating with you the 20th anniversary of the guild of the banking profession – the association of banks in bulgaria. this is a perfect opportunity to congratulate the association for the long way it successfully traversed, and along which it established itself as one of the most reputed trade associations in the republic of bulgaria. all these years the association consistently assisted its members in pursuing their banking business and protecting their interests, all the while standing as a stable and constructive partner of the central bank, as the banking regulatory authority, of other government authorities, and of the representatives of the business. therefore, we the members of the bnb governing council are all pleased to attend this occasion as a proof of the respect cherished by the central bank ’ s management for your work and professional achievements! behind the abb ’ s history stands the individual road of achievements, but also of challenges, of each one of the association ’ s members. as an anniversary usually brings up both a tally of what was done in the past, and wishes for the future, i will try to have some measure of both in my congratulatory address to you. practicing our profession involves our capability to serve society and help the bulgarian economy. because, as we are all very well aware, banks have high responsibilities in a market economy – the ongoing technological innovation, developing and offering new products and services, as well as the predictability and stability of banks are a mandatory prerequisite for economic prosperity. from my first day as a bnb governor to this very day, i have never stopped reiterating and instilling the idea that this responsibility requires the individual efforts of each one of us to be governed by a long - term goal – let ’ s call it a sense of mission – which goes beyond the specific financial or market considerations of the current day. it is exactly a jubilee like today ’ s that reminds us of the historic horizons behind the daily statistics, balance sheets or income statements, which ultimately mark the road of new and democratic bulgaria. speaking of history, exactly the current crisis stir