The credit for this goes mainly to the Ministry of Finance. We, as a Central Bank, try to contribute to this process in the best possible way. The formal launch is a matter of decision by the government. I see no reason why this should not happen within the current month. Preconditions The third topic that I will touch on is: What are the conditions for the tasks I talked about to be successfully completed and thus to successfully complete the entire process of joining the euro area? The short answer to these conditions is contained, in my opinion, in one word: "consolidation" with three important dimensions – political, institutional and fiscal. 3/5  BIS - Central bankers' speeches  Political consolidation means a functioning parliament and a regular government with clearly defined and consistently implemented priorities, and joining the euro area must definitely be one of these priorities. Institutional consolidation means ambitious reforms to address the still serious institutional deficits in the country and achieve the much-needed institutional convergence. Perhaps biased, but I will give an example with the BNB. In 2014-2015, the Central Bank, and the banking sector as a whole, were the subject of sharp political attacks and heated political discussions. Among other things, one of the main reasons was precisely the institutional deficits in the banking sector. It was about both the state of banking supervision and the lack of an institutional framework for solving problems in the banking sector.
As the BNB is not entitled to direct legislative initiative, we are going to immediately submit this draft to the Ministry of Finance so that they move it on to the National Assembly. Therefore,  2/5  BIS - Central bankers' speeches  when we speak of the legal framework, it is not so much about our readiness with drafted laws, but about whether we will have a working Parliament and political will. If these are present, the legislative programme can be fully completed in the next few months. The fourth group of tasks deals with the technical preparations and the entire logistics of the process of accession to the euro area. With regard to this group of tasks, not a small part of the burden falls on the Bulgarian National Bank and commercial banks. We are working intensely and systematically to fulfil this group of tasks. I will give a few examples to illustrate this. As a Central Bank, we have already received the full documentation on the minting of the Bulgarian euro coins. You probably know that at the end of last year, together with the Minister of Finance, we signed a Memorandum on this issue with the European Commission and with the Eurogroup that represents the euro area Member States. Under this memorandum, we have received the full set of documents from the European Commission and we are preparing for the first tests of minting the Bulgarian euro coins.