to the project team and voicing my conviction that this new twinning programme will help the financial and banking system of the republic of moldova strengthen its convergence with international prudential financial requirements. moreover, i am sure it will continue the alignment with european union standards in the areas of macro - financial stability, strengthening the prudential supervision framework, developing prudential supervision in the insurance sector, extending the legal framework for the supervision of non - bank financial institutions and improving the payment framework in line with the requirements of the single euro payments area. once again, i would like to thank and congratulate the project partners of the national bank of romania, to whom i extend my special appreciation. i wish success to the beneficiaries of this project, to the national bank of moldova, to governor armasu, a reliable partner in our bilateral collaboration. i am convinced that achieving the objectives will lead to increased resilience and will support the development of the economy of the republic of moldova. thank you! 2 / 2 bis central bankers'speeches

major factor in advancing this project as well, but also the future ones. let me also underline the major role played by the successive top - management teams of the national bank of moldova in carrying out these numerous bilateral cooperation projects and i take this opportunity to thank them and express my appreciation to those with whom we have worked. ladies and gentlemen, we find ourselves, today, at a juncture where governments and central banks alike have promptly stepped in globally to counter the negative impact of the coronavirus pandemic through social, economic, fiscal and monetary policies. the unprecedented mobilisation of the authorities 1 / 2 bis central bankers'speeches in a complex and determined manner has largely ensured the proper functioning of markets, and of the economic and social mechanisms. in this regard, enhancing the response capacity to adverse situations is essential, and this goal can also be achieved by strengthening corporate governance, supervision, and risk management in the financial sector. these are the key coordinates of the new twinning programme as well. the twinning project we are launching today has a wide scope, not only for the banking sector, but also for the entire financial market in the republic of moldova. it aims to be beneficial for both the national bank of moldova and the national commission for financial markets of the republic of moldova, by strengthening institutional capacity and governance, as well as developing the regulatory, supervisory and operational frameworks for enhanced functionality. from my perspective, the national bank of romania has gained over time, after 1990, with the support of its partners in the european union – including the support of de nederlandsche bank, which i would like to mention explicitly – a solid experience and expertise. it is now our turn and duty, as senior partner in this twinning project, to pass on the know - how to the republic of moldova and we are able to do this efficiently, having the advantage of the romanian language. the complexity of the new project, over the two - year period, brings together a remarkable project team. the activity will comprise five highly technical components, in the areas of financial macrostability, prudential supervision, the non - bank financial sector, the internal regulatory framework for supervision and the regulatory framework for payment infrastructure and its functionality at european standards. on this occasion, i express my deep gratitude to our current partners – de nederlandsche bank, lietuvos bankas, as well as the romanian financial supervisory authority and the romanian national authority for consumer protection. let me conclude by wishing success