Concluding remarks  The all region is going under a political, economical and social consolidating process. Now a day politicians, decision makers, analysts, almost everyone is stating the EU accession as the main priority, the top challenge for the next coming years. How far are we? That’s a difficult question. Many times I looked behind my shoulders to see how far we have come. It is indeed a long way, full of ups and downs. Along this way we have scored positive developments as well as few setbacks. Yet it has been a road toward progress. However the modern attitude of central banking requires a forward looking approach. It is for this reason that in my public appearances have always stressed the vital importance of the integration process and related issues. The success of this process will depend first and foremost by our attempts and dedication. There is only one way to get closer to the finish line. That requires waking up every morning with a European mentality, and try with all our efforts to make this dream come true. We all agree with the idea of not decorating our home with Fendi furniture whilst our roof is not yet fully covered. BIS Review 119/2007  9  I personally believe our societies are becoming mindful on their efforts towards European standards.
Our banking sector has reached its historically highest profitability levels. The ratios of capital adequacy and liquidity are above the average for the EU. Consequently, I would propose two brief topics to ponder on:  2/4  BIS - Central bankers' speeches  Just think of it, where would Bulgaria have been if the other economic, and not only economic, sectors had similar results? Also, remember where the BNB and the banking sector were not very long ago, in 2014 and 2015. The turbulences that we went through in those years spread well beyond the boundaries of the banking sector. How did this transformation happen, from the state in which this sector was in 2015 to the state in which it is today. The answer is – extensive and determined reforms leading up to full integration into the nucleus of the EU, what essentially the euro area is. I think this is a completely valid response to the challenges facing the country today. Let me finish on a more prosaic note. What is the BNB doing on this matter now? As you are probably well aware, no formal criteria and requirements apply to the BNB. And how so? Because the BNB and the banking sector have succeeded in fulfilling all these criteria and requirements by 2020. It is precisely the compliance with these formal criteria and requirements that allowed Bulgaria to join the European banking union in 2020, one of the key euro area institutions, and the Exchange Rate Mechanism.