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Veiws expressed in materials are those of the authors and do not necessarily reflect bank policy. This is the first book of a new series of publications of the Bulgar-ian National Bank entitled " Discussion Papers ". The series continues an old tradition of the Bulgarian National Bank to provide a forum for the discussion of different views and opinions on theoretical and practical aspects of the Bulgarian economy. It is an attempt to develop in a new form the foundations laid with BNB earlier publications, that is " BNB Journal " , " BNB Financial Research " , " Money and Credit " and " Bank Review " , which have played a key role in the intellectual public debate on major challenges facing the Bulgarian economy. The Discussion Papers series is aimed at presenting in-depth analysis of professional interest in the area of finance. Typical topics include BNB and other central bank experience, supplemented by materials on commercial bank challenges, macroeconomic issues and crosscountry comparative analysis of banking practice and finance. No attempt is made here to guide public opinion in one direction or another, but rather to seek alternative solutions to the critical issues to Bulgaria's economic development. Main criteria for selection of materials will be the importance and originality of discussed issues, even thought provocativeness of expressed opinions. The series is open to authors from the BNB as well as to researchers from among all other professionals and the academic community. We would appreciate your comments and recommendations.