that we have to keep our reputation as institutions with national responsibility, holding as our priority the long - term economic interests of the people and of the state. hence, the fundamental logic of the so very important ( and very strictly adhered to throughout the eu ) principle of national central bank independence and the need to provide independent analyses and information to the general public. in this sense, we, at the bnb, just as we have done so far, will always support an economic policy in bulgaria that does not threaten long - term economic interests at the cost of achieving quick economic effects – such as the policy of continuing structural reforms, enhancing the efficiency of institutions and improving the general environment for doing business in this country. the bnb traditionally supports conservative fiscal policy owing to which bulgaria today demonstrates excellent fiscal indicators and given the stable banking system we have reasons to expect that our new issue of euro - denominated bulgarian global bonds will be well received. we would also welcome efforts at speeding up privatization and active concessioning – inasmuch as they would not only strengthen our country ’ s fiscal position, but would also improve the long - term competitiveness of the bulgarian economy. we, however, cannot be indifferent to any ungrounded economic experiments whatsoever. at the same time, the range of working solutions for bulgaria ’ s economic prosperity must also take into account the analysis of the comparative advantages of the bulgarian economy in a global context. in fact, it is exactly the current crisis that has highlighted and provided empirical evidence of the resilience of bulgaria ’ s economy. allow me to recall that before the crisis many argued that the currency board in bulgaria was restraining the economy ’ s flexibility and that the high current account deficit ( above 1 / 4 of gdp in 2007 ) was a dreadful “ imbalance ” that could in no way be funded in the event of capital flight from the country. to the surprise of many institutions and experts, a great part of them of proven experience and repute, bnb ’ s gross international foreign exchange reserves increased from bgn 24. 9 billion as at the end of 2008 to bgn 26. 1 billion at the end of 2011. presently the lev is more than 150 % covered with bnb ’ s international foreign exchange reserves of the highest quality ( not even taking into account the government ’ s deposit ). in short, for fifteen years now businesses and citizens have benefited from the predictability and stability resulting from the fixed exchange bis central bankers ’ speeches rate and the

today ’ s forum is another proof of this. a year ago, again before the audience of a scientific conference organized by vuzf university, i expressed my purely professional dissatisfaction with the fact that we rarely hear the prudent voice of the bulgarian academia. while the world has been analyzing and discoursing for years on the causes, manifestations, and lessons learned from the global crisis, our academic community rarely expresses any views on these issues and seems to be still encapsulated in its own circle, engaged in its internal management or even day - to - day problems. therefore i am glad now to admit that in this also vuzf university is an exception. i have been following with interest the public appearances of your rector, vice rector, and other professors and academics of your university. vuzf university representatives have often bis central bankers ’ speeches come up with authoritative public comments on topical economic subjects of great public significance. today i congratulate vuzf university for outpacing “ the older ” universities of economics by organizing this timely discussion. the announced topic – “ global and regional challenges to the economy and the financial system : do we have working solutions? ” – speaks for itself and is an eloquent testimony to the importance of today ’ s forum. because external environment is of special significance for the dynamics of such an open economy as that of bulgaria. it is a known fact that the original causes of the global financial and subsequently economic crisis did not stem from our region or from europe ’ s emerging markets. still, we should in no way take comfort in the external origin of the crisis because no matter what the origins of the crisis might be, we, here in bulgaria, must deal with its consequences. this is the right place to stress that the bnb is aware of its huge responsibility for the financial stability of this country and consistently works in fulfilment of the functions and tasks assigned to it by law. in its work, the central bank collaborates with many other international and national institutions, and whenever a need arises, it steps into the role of a constructive opponent. because, as i have stressed on various occasions, it should not surprise us, nor should we show intolerance to the fact that the political institutions in the democratic countries are very sensitive especially with regard to quick achievements within the context of the electoral cycle. whereas the tasks of central banks go beyond the horizon of the next parliamentary or presidential elections. we are guided by the understanding