Gent Sejko: The importance of studying technological and
demographic developments disrupting labour, finance and markets
Welcome remarks by Mr Gent Sejko, Governor of the Bank of Albania, at the 13th SEE
Economic Research Workshop, Tirana, 5 December 2019.
* * *
Dear Ambassador Maître,
Dear guests and speakers from academia, central banks and research institutions,
Dear participants,
It is a great pleasure for me to open the proceedings of the 13th SEE Economic Research
Workshop, in which we present and open for discussion research projects undertaken by the
Bank of Albania in the current year, and have the opportunity to get feedback from colleagues
from academia, central banks and research institutions worldwide.
This is a very important event for the Bank of Albania, since all the projects that will be discussed
during the two days of the workshop are designed to help the analysis, decision making and
implementation in the areas of monetary policy and financial stability as well as other central
bank aspects.
Based on this careful formal analysis, our policies have been successful in preserving monetary,
macroeconomic and financial stability. Despite hardships, our economy has registered positive
growth rates, and our banking system's performance has been stable. The banking sector is well
capitalized and profitable, non-performing loans have decreased and banks continue to support
economic activity with credit, while managing potential shocks originated from the external sector
of the economy.
The agenda is rich and covers the most important areas of research related to traditional central
bank activity. In these two days, discussions will focus on monetary policy, financial stability,
economic modelling and forecasting, risk assessment and management, which are all traditional
instruments in the central bank toolkit and need to be improved constantly. It is very important to
note that, in addition to these traditional topics, the workshop will discuss research in new and
important areas such as: digitalization of financial services, structural reforms, healthcare and its
implication for central bank objectives and national welfare. Technological developments
disrupting traditional labour, financial products and markets, and demographic developments
may impose some of the most important challenges to our societies and institutions. Therefore,
it is important to study and adequately understand these phenomena.
In addition, we are glad and eager to discuss research findings from a number of authors who
come from academia, central banks and other research institutions. The ideas and
methodologies that are embedded in their research will introduce our researchers and
economists to new ideas, will help them extend their research agenda, and will reveal potential
opportunities of cooperation in the future.
I believe that research in these and other innovative areas, like green finance, will develop further
and become traditional topics in central banks' research agenda. For this reason, I challenge our
researchers to consider these trends in their future research agenda. Continuous enhancement
of research topics and methodologies is a must for a central bank.
In this respect, I would like to thank Ambassador Maître, the Swiss Government, the State
Secretariat for Economic Affairs (SECO) and its Bilateral Assistance and Capacity Building for
Central Banks (BCC) program for supporting research activity at the Bank of Albania. This
cooperation has been a significant instrument for improving our research work and exposing it to
academic and international research community. Our cooperation will continue in the future to
improve research methodologies and products. We are currently working with SECO toward the
optimization and institutionalization of research agenda and research implementation in central
banks. These important issues will be discussed in a jointly-organized workshop with all BCC
partners on capacity building for central banks, in Tirana in spring 2020.
Dear ladies and gentlemen,
Our SEE Research Workshop has become a cherished tradition for Bank of Albania and central
banks of the SEE region. It is a great pleasure, and we are very happy to see that the workshop
continues to generate interest beyond the SEE region and central banking community. The list of
participants has expanded to include speakers from academic institutions in the EU, the US and
South-Eastern Asia, as well as from international financial institutions.
Your participation is contributing to broadening and enriching our network and we hope that
discussions will help our researchers to improve their work and strengthen their research
recommendations.
These days, your participation in the workshop takes another and even more significant meaning
in the wake of the tragic consequences caused by the strong earthquake. It helps to show that,
despite many losses, we are resilient and will continue to work to overcome the emotional and
economic hardships of this tragic event, shed the desperation, fear and despair, and return to
normal activity.
I wish the workshop a great success, and all guests and participants a pleasant stay in Tirana!