My understanding of the present debates leads me to the following four pragmatic suggestions that I hope can stimulate your discussions: 1. Remain very clear about your objectives – uncertain times are not the right ones to create additional doubts about, say, your inflation target – and about your capacity and determination to use your tools in a predicable sequence. 2. But, whilst being consistent with your guidance, be very flexible in the precise calendar and calibration of your implementation. In short, be as predictable as possible, but never be precommitted. 3. Act to prevent the worst outcomes occurring but without supplying complete insurance, which would create moral hazard. 4. Never base policy on only one expected path for the economy. In conclusion, we cannot seek to control, or avoid, uncertainty; instead we must implement strategies that are the most robust to it. The French philosopher Edgar Morin put it nicely: “La connaissance progresse en intégrant l’incertitude, non en l’exorcisant” – “knowledge advances by integrating uncertainty, not by exorcising it”. With that in mind, let me wish you all a very productive symposium with lively and enlightening exchanges of views. Christine, the floor is yours. 3/3  BIS central bankers' speeches
Dimitar Radev: Accession to the euro area - a catalyst for social and economic prosperity Summary of a statement by Mr Dimitar Radev, Governor of the Bulgarian National Bank, at the Annual Government Meets the Business conference, Sofia, 29 January 2019. * * * During the Annual Government Meets the Business conference dedicated to Bulgaria’s path to the eurozone, the Bulgarian National Bank’s Governor, Mr. Dimitar Radev, outlined the activities of the central bank in this process and the anticipated effects for the economy and the business from the national currency’s entry into the Exchange Rate Mechanism (ERM II) and the adoption of the euro in Bulgaria. Provisionally, the work will be conducted in two stages: a short- and long-term. The short-term stage is linked to the preparation for simultaneous accession to the Banking Union and lev’s entry into ERM II. The second stage is Bulgaria joining the euro area. Mr. Radev underlined that the BNB is currently focused on the first stage, the outcomes of which will determine the next steps to follow. In terms of content, the first stage consists in joining the Single Supervisory Mechanism and the Single Resolution Mechanism. As regards the Single Supervisory Mechanism, the BNB is concentrated on three work blocks. The first one is creating the necessary regulatory framework. Overall, work in this direction was completed with the adoption of the necessary package of legislative amendments by the National Assembly at the end of last year.