Meanwhile, it is clear that all models – no matter how good they are – need interpretation from the perspective of the events that the moment poses and in the view of the dominant phenomena of time. Dear participants, COVID-19, coupled with the issues it has caused and the restrictions taken to contain it, continues to dominate both our economic and social life and activity. It has also certainly become an important part of the analysis and research work of the central bank. This is not a surprise. I think that the shock triggered by the pandemic and the related effects will continue to be part of the research agenda for a long time, even after the pandemic is over. However, recent developments show that the research agenda of the central banks have been enriched by the study of other risks, such as those related to climate change and environmental protection, demographic risks, digitalisation and digital currency. These have been identified as big and long-term challenges to both the global economy and the authorities of every country. The Bank of Albania has started to work on to establish the infrastructure for modelling and analysing these phenomena. It is crucial to not think of these topics only for the purpose of testing assumptions or academic discussions, but rather to consider them in the concrete framework of policy making and decision taking. I am confident these topics will become important themes for discussion themes in our Research Workshop in the future.

In Singapore, the MAS conducts courses in banking supervision and capital markets which we have extended invitations to both our Asian and Middle Eastern counterparts to participate in. We must think of many other platforms and vehicles which could facilitate people-to-people interactions, including those involving think-tanks, universities, training institutes, and private sector financial bodies like the Association of Banks for example. There is also a financial stability dimension to these networks. As cross-border financial transactions increase, effective supervision will require countries to foster greater cooperation with their regulatory counterparts. The Monetary Authority of Singapore, for example, is in discussions to conclude MOUs with the UAE’s Emirates Securities and Commodities Authority and Qatar’s Financial Centre Regulatory Authority to provide for training and supervisory cooperation. I have highlighted earlier that investment agencies in our two regions are now managing sizeable foreign reserves. There is much scope for our investment agencies to touch base with each other, exchange knowledge of global markets, share the latest in reserve management techniques, and help each other navigate in one another’s regional hinterlands where appropriate. We could even co-invest in specific investment opportunities when they arise. Building educational bridges Finally, a few remarks on education, and how we can bring our young people together. We all know how much education matters, for all our societies. It is the bedrock for human development, and the means for whole societies to realise their potential. But there is further significance in education as we address the issue of strengthening ties between Asia and the Middle East.