Furthermore, the public finances of Bulgaria remain sound and the successful fiscal consolidation is illustrated by the budget surplus last year and the third lowest government debt to GDP ratio in the EU. As for the structural reform agenda, much more remains to be done in order to resolve remaining issues and help attract increased capital flows from the EU. 1/2  BIS central bankers' speeches  We at the central bank have already planned the next steps, which will build on recent progress. Among other things, we plan to further strengthen our banking supervision, develop the crisis management framework for the banking sector, and reduce the level of nonperforming loans. To conclude, decisive actions are required at both the EU and national levels to address the current saving-investment mismatches within the EU. While expending the available toolkit is important, priority should be given to resolving the remaining underlying issues with regard to banking and financial integration, real convergence, and quality of project management. 2/2  BIS central bankers' speeches
Global exchanges – like the New York Stock Exchange (NYSE), NASDAQ, ICE and Chicago Mercantile Exchange (CME) in the US, and London Stock Exchange (LSE) in the UK, and Hong Kong Exchange (HKEx), Australian Securities Exchange (ASX) Group and the Japan Exchange (JPX) Group in Asia – are also SROs. This brings me to my next point. 16. There is no single “correct” model for the SRO. Neither is a particular model cast in stone and unchangeable. The division of regulatory responsibilities between the statutory regulator and the exchange’s SRO function – or some other regulatory model – has to reflect and adapt to each jurisdiction’s circumstances, market environment and other idiosyncrasies. To illustrate this diversity: •  In the US, the SEC has primary responsibility for reviewing IPO filings made by companies. Member supervision is undertaken by the Financial Industry Regulatory Authority (FINRA), a separate industry SRO which supervises all securities broker dealers. US exchanges are responsible for market surveillance, although some have outsourced the duties to FINRA. •  In UK, the LSE performs market surveillance and member supervision, while listings are approved by its statutory regulator i.e. the Financial Conduct Authority. •  In Asia, HKEx, JPX Group and ASX Group perform all SRO functions in the areas of listings, member supervision and market surveillance, much like in Singapore. There may also be additional structures and processes in place to supplement the SRO functions. For example HKEx has an independent Listing Committee that makes all formal decisions on listing applications. 17.