Every one of you is welcome to the Central Bank to discuss any issues as long as this is in the interest of the stability of our country, and the banking system in particular. Dear Ladies and Gentlemen, finally and in the context of everything said by me and by the speakers before me during this debate, I believe that now the most important thing as regards the country’ macroeconomic and financial policy is preserving stability and ensuring predictability; predictability, because the global financial and economic crisis has shown that countries, which follow stability-oriented and consistent macroeconomic policies are going less painfully through this difficult for all countries period. The BNB’s role is to secure the country’s price and financial stability and the soundness of our strictly regulated banking system. Over the next six years the focus of my work will be on preserving and maintaining the macroeconomic stability in the country by keeping the fixed exchange rate and the currency board arrangement. The currency board will continue as the foundations underlying the stability and economic growth in Bulgaria. Second comes preserving and maintaining the stability of the banking system. Over the last two years, we have been witnessing globally the catastrophic consequences of poorly regulated and supervised banking and financial institutions. Bulgaria too was affected, but unlike some other countries it stayed outside the centre of the storm due to the consistently implemented conservative model of licensing policy, supervision and regulation of the banking sector.
Ivan Iskrov: Bulgarian National Bank – independence, predictability and transparency Speech by Mr Ivan Iskrov, Governor of the Bulgarian National Bank, before the 41st National Assembly of the Republic of Bulgaria on the occasion of his election for a second term of office, Sofia, 26 August 2009. *  *  *  Ms. Speaker, Ladies and Gentlemen MPs, Allow me first and foremost to thank you for the enormous trust and the strong support you just now gave to the Central Bank and its Governor, Ivan Iskrov. I don’t know of any head of any public institution that has so far enjoyed such a vast parliamentary vote of confidence with the support of 195 MPs. This result exceeds the 165 votes in support of my nomination in the previous 40th National Assembly. When a week ago I shared with the person closest to me that I had decided to use the parliamentary case of Mr. Nenovsky to submit myself to a confidence vote by the 41st National Assembly, I heard the following: “Isn't this step rather too risky, besides the Prime Minister publicly announced that he did not approve of the procedure but he respects the BNB as an institution, and highly values you as a governor and wishes you to continue on the post?" I replied that no one could predict the possible deliberations and how the 240 MPs would vote, but that I was nonetheless obliged to ask for their confidence. Or else on 9th October this year I leave!