witnessed dynamics of the volume and price of debt, require careful attention to the government bonds portfolio as well. as regards the bnb, the answers will come primarily with the use of the macroprudential tools that we have available. this will be done, as it has been done so far, in compliance with the requirements for clear articulation and predictability. if there is no dramatic change in the situation, we will continue to announce the measures one year before they are put in place. these measures will still be focused on banks ’ capital. at this stage, we do not plan to expand them to borrowers. in the end, please let me say a few words about the accomplishment of the strategic tasks whose timeframes are becoming shorter and shorter. in the next 18 months, these tasks will be mostly aimed at completing bulgaria ’ s accession to the euro area. the bnb has provided the necessary organisation with regard to the issues within our competence. the teams include representatives of the association, which is a very positive fact. we are already going into the stage of intense communication and joint work with the ecb. i strongly hope that the political process, with all its unpredictability and uncertainty, will ultimately support, not block, the overall progress of the accession to the euro area. and keeping this hope, i would like once again to congratulate the association, its management, secretariat, and all its members on the 30th anniversary and to wish you good health and much success.

a reminder to us not to focus solely on risks which have come to light during the current crisis. we have to be flexible enough to capture future developments as well. to ensure this, exchanging information across jurisdictions on a regular basis is crucial. regarding better monitoring, a lot has already been achieved. the fsb set out recommendations which now have to be implemented by national authorities. additionally, the fsb has committed to conduct annual global monitoring exercises to assess global trends and risks in the shadow banking system. regarding better regulation, work at the international level is ongoing to examine potential gaps and inconsistencies of the existing framework. several working groups are currently developing proposals on possible regulatory measures. an integrated set of policy recommendations will be presented by the end of this year. these recommendations will then have to be implemented at national level, calling, once again, for close international cooperation to ensure consistency. 4. 3 enhancing compensation practices reforming compensation practices in the financial sector shall serve as my final example. asymmetries in remuneration systems in terms of risk and reward led to short - termism and excessive risk - taking. they also contributed to the large, in some cases extreme absolute levels of compensation, leaving firms with less capacity to absorb losses as risks materialised. good work should be rewarded with good money. yet to be good, work has to be sustainable and responsible. to safeguard financial stability, remuneration systems in the financial sector must be better aligned to long - term value creation as well as prudent risk - taking, including through malus or clawback arrangements. the principles for sound compensation practices and their implementation standards developed by the fsb are both helpful and welcomed guidelines to this effect. to address the concerns of firms and improve cross - border supervisory cooperation, the fsb established its bilateral complaint handling process in early 2012. this mechanism enables national supervisors to bilaterally report, verify and, if necessary, address specific compensation - related complaints by financial institutions that derive from level playing field concerns. yet, it will take a lot of stamina and endurance to achieve lasting change in behaviour and culture within the financial sector. the organised manipulation of libor is just one cautionary example for this. while progress has been made in implementing the fsb principles and standards, more work is necessary to ensure a level playing field in the market for highly skilled employees. sustained commitment and close cooperation of supervisory authorities therefore remain essential. bis central bankers ’ speeches 5. intensified implementation monitoring the success of