Still, there may be a fundamental disagreement between the parties about what was agreed in the first place. It is the inevitability of disputes that makes the existence of dispute resolution systems so universal. Dispute resolution in Islamic finance is gaining more attention these days. I would take this to be a good sign. In a legal system, disputes may be viewed as an indicator of vigour rather than weakness – so long as they are resolved effectively and efficiently. The common law legal system is exemplary in this regard. Today, common law systems are the most widespread in the world, in terms of GDP generated under these jurisdictions . The large volume of commercial disputes resolved by these jurisdictions are a reflection of the widely-accepted strength of the common law legal system in providing certainty to business dealings. Today, legal certainty is widely said to be central to the rule of law . It is important that the law be accessible, clear and predictable. People should be assured that questions of legal right and liability will be determined by rules that meet these characteristics. This is not just crucial for social justice – this ensures a stable environment to facilitate sustained business growth. Of course, legal certainty does not mean that the laws are inflexibly set in stone such that justice and common sense are frustrated. In fact, dispute resolution in a healthy legal system will lead to evolution in the law over time – often with positive knock on effects.
In 2013 a joint venture for production of banknotes was set up by the BNB Printing Works and one of the world’s leading banknote printers François-Charles Oberthur Group, France, and thus Bulgaria became an important player in the banknote industry. It is interesting to note that over its 137-year history the BNB has organised the production, issue and circulation of more than 500 types of coins, including commemorative coins and medals produced by the Bulgarian Mint in Sofia. You know that a few months ago, on 7 December, the new 2 leva coin came into circulation. The design of that coin enjoys enormous public approval. But let’s come back to our exhibition. Along with the coins struck after Bulgaria’s liberation until now, the visitors will be able to catch a glimpse of the history of money on the Bulgarian lands going back centuries. I am convinced that the displayed items can tell a lot about the  BIS central bankers’ speeches  1  long history and background of the economic and political life on the territory of today’s Bulgaria. I wish much success to this exhibition. I hope many citizens and guests of Burgas will come to see it, to learn more about the money used on the Bulgarian lands, and to feel, as we do today, deep respect for the history and accomplishments of our ancestors. 2  BIS central bankers’ speeches