The process of extending the term of unindexed government bonds from 10 years to 30 years already started by the Ministry of Finance must continue, to provide an additional benchmark for long-term interest rates, in addition to the disintegrating benchmark provided by indexed bonds, to encourage the development of long-term unindexed uses in the mortgage market and other long-term projects. 2.
Ladies and gentlemen,The German chancellor Angela Merkel recently emphasised that “the Western Balkan states are also part of a united Europe.”1 In this spirit, I very much look forward to continuing our cooperation as central banks in the years to come. 1 At the 30th anniversary of the “pan-European picnic” in Sopron, Hungary, August 2019, see  www.bundeskanzlerin.de/bkin-en/news/merkel-in-ungarn-1662334. 3/3  BIS central bankers' speeches