So clearly, it has been the backbone for macroeconomic stability in your country. Second, I would like to highlight the policy consistency of the various successive policy-makers. You understood from the outset that currency board arrangement can only be sustained if supporting policies are in place. Let me emphasise in particular the role of fiscal policy.
As you know, a currency board does not allow for discretion in the conduct of monetary policy. Indeed, monetary policy becomes entirely endogenous. So, the only macroeconomic management tool at the disposal of policy-makers is fiscal policy. I find that the conduct of fiscal policy in Bulgaria has been appropriate.