BNB LAYS EUR1.5MN ON THE ROAD TO EUROPE
The visit of the 60-year-old Governor of Bank de France Jean-Claude Trichet in Bulgaria invoked a great interest among politicians and financiers. The Serdika hall of Sheraton Sofia Hotel Balkan where Mr. Trichet delivered his 2-hour lecture titled The Euro, Euro System and EU Enlargement on September 16 was crammed. The lecture was just a part of the guest's programme, who plays a key part not only in the financial system of France but also in determining the fiscal policy of the European Union. From 1992 till 1993 Mr. Trichet chaired the EU Monetary Committee. Since 1998 he has been a member of the Management Board of the European Central Bank and is one of the most probable successors of its President Wim Duisenberg.The concrete occasion for the visit of Mr. Trichet in Bulgaria was the signing of the two-year agreement for cooperation between the Bulgarian National Bank (BNB), Bank de France and Holland's central bank. The project's implementation will cost EUR 1.5MN, to be allocated under the PHARE 2001 programme. The document envisages that experts from the emission institutes of France and of Holland should assist the integration of Bulgaria's central bank to the EU monetary system. The efforts will be directed to bringing Bulgarian bank legislation in compliance with that of the EU and strengthening Bulgaria's payment and accounting system. Attention will be paid as well to improving the fiscal statistics and payment balance reports. Bank de France will play a leading part in these projects, and Holland's central bank will consult BNB on the programmes for improving the quality of supervision and management of risks and human resources.