Given a small-sized and open economy, the increase and stability of exports is of outmost importance. Therefore, the research work, the reforms and the strategic decisions should be adopted in line with this target. In this respect, the role of banking systems acquires a particular importance, which should carefully identify the primary and profitable sectors and should provide their ongoing financing. Banking credit has been and remains one of the main instruments which shall provide the sustainable performance of the economic and financial activity at home. For this strategy to be successful, it must include as one of its substantial constituents the philosophy and priorities of the Western Balkan regional development. This need does not only derive upon the competition requirements and the achieving of the economy of scale, but also upon our common target for the European integration. During the recent years, I have continuously highlighted that the key of the successful integration in the European Union is the regional cooperation. There are many reasons backing the conclusion that our models of growth must be seen as complementary and not competitive to each-other. It is indispensable that the complete process of structural reforms takes place quickly and in a coordinated way, which precedes the membership to the European Union. Only in this way the whole region will converge naturally, avoiding episodes of misbalances within the bosom of the European family upon the membership. This will be a real contribution to the long-term sustainability of the European developments.

In this respect, the efficiency of monetary policy, the importance of internal and external economic anchors, the building up of research capacities for the purpose of implementing our policies, as well as public communication and education. The right addressing of these issues is indispensable for the monetary policy and its crucial role for the economic prosperity. The successful central banks, whose main target is inflation, are increasingly giving more importance to the economic activity, also to the other indicators of real economy. This trend is not only based on the fact that inflation is directly impacted by the fluctuation of economic activity and unemployment in the short-run, but also on the theory of monetary economics, accordingly the central bank should pay attention to the potential economic growth over the long run as well. In addition, the argument about economic growth is the key target of the economic policies. Therefore, the decisions of the central bank in the filed of monetary policy, of supervision and of the financial stability, should interact and be harmonised with this central target, thus guaranteeing the macroeconomic and financial stability of the country. The Central Bank, in this respect, tries that its policies, neither increase the short-term volatility of the economic activity, nor impede the potential economic growth over the long run. The monetary policy of the Bank of Albania policy is similar to the policy implemented by the European Central Bank; it is based on two pillars: the first is the monetary analysis, and second the economic analysis.