There is great uncertainty as to the development of the health crisis, the economic crisis related to it, and to how the political situation will evolve. Therefore, as you may have seen from the data we recently published, the Bulgarian National Bank remains conservative in its economic growth forecasts, and with a rather broad range of assumptions, at that. We are presently working on a new, updated assessment of this year’s situation and of our expectations for the next one. We will publish this assessment in October. We also carefully monitor the economic developments in the euro area, which will be of crucial significance, mainly regarding, but not limited to, external demand, for the way and the pace of recovery of our economy. We share the assessment of the European Central Bank, communicated just a few days ago. In short, this is as follows: there are clear signs of economic recovery; however, the uncertainty with regard to the pandemic and the way it will be curbed is still great. Depending on the developments, both in the country and in the euro area, we in the Bulgarian National Bank are ready to launch additional measures, if needed. Out of the context of specific additional crisis-related measures, in the current year we also achieved development of enormous strategic importance, which will be ever more highly valued in the future. What I have in mind is the simultaneous accession of the Bulgarian Lev to the EU exchange rate mechanism and the country to the European Banking Union.
Up to now payments for over 14 thousand businesses and over 93 thousand households, totalling more than BGN 9 billion, have been suspended , which really and considerably eases the financial conditions during the hardest time of the crisis. The crisis has moved the external financing conditions issue to the top of the agenda. You know that the crisis triggered the accumulation of deficits which must be financed and the required financial buffers must be maintained. Therefore, we had to give an additional signal to markets and investors that Bulgaria stays stable in the crisis in terms of its financial position and its 1/2  BIS central bankers' speeches  monetary regime. This signal was given with the EUR 2 billion swap line set up between the European Central Bank and the Bulgarian National Bank, and it has been read unequivocally as a positive one by markets, rating agencies, and investors alike. I want to point out one very important thing – the conclusion about Bulgaria’s strong financial position remains valid now, despite the developments in the last months. A drastic change of this direction would be a mistake with serious repercussions. All measures so far pursued in relation to the banking sector, which I believe were successful and timely, do not, in any way, diminish our concern of what is happening and is going to happen in the coming months.