8  BIS central bankers’ speeches  Figure 7 International reserves to GDP (percent) 60  60  50  50  40  40  30  30  20  20  10  10  0  0  Brazil Colombia Israel Malaysia Mexico 2003  2004  2005  2006  2007  Peru 2008  Thailand Chile 2009  2010(*)  (*) Growth forecast and last available data of international reserves as from the IMF. For Chile, GDP growth forecast from December 2010 Monetary Policy Report. Sources: Central Bank of Chile and International Monetary Fund. BIS central bankers’ speeches  9
The goal of this Regulation is to ensure a more rigorous regulatory treatment of issuance and transactions with some types of crypto-assets and the crypto-asset service providers will be subject to authorisation and control. The long-term trends in Europe are related to achieving a greater integration and autonomy of the European payment system. In its centre are positioned the instant payments and application of common technical and business standards across Europe. Bulgaria is an active participant in these processes. EU initiatives for development of retail payments are in the process of implementation on our domestic payments market. A still open question is whether the changes in the people’s payment habits will stay as a permanent feature and will set a direction for the forthcoming technical developments in the payments sector. In this very dynamic area the EU regulators will continue playing an active role. I wish interesting and productive work to all the participants in today’s financial forum. 2/2  BIS central bankers' speeches