11,12  10  My own  experience is that the Bank is believed by many to be either an arm of government or a high-street bank. If we turn from understanding to trust, much the same picture emerges. A survey of trust in the professions earlier this year ranked economists second bottom, with only politicians lower. 13  Doctors and nurses ranked  3  Quoted in Thompson (2016). YouGov / Post Crash Economics Society Survey (2015). 5 Bank of England / TNS Inflation Attitudes Survey (2017). 6 Financial Conduct Authority (2017). 7 Money Advice Service (2015). 8 FLY Project (2015). 9 For example, see OECD/INFE International Survey of Adult Financial Literacy Competencies. 10 Bank of England / TNS Inflation Attitudes Survey (2017). It is worth noting that 29% cite the Bank of England in their response to this question, so appear aware of the institution responsible for setting monetary policy. 11 YouGov / Post Crash Economics Society Survey (2015). 12 Bank of England (2014). 13 YouGov (2017). 4  3  All speeches are available online at www.bankofengland.co.uk/speeches  3  top. In surveys of the public, slightly more people tend to mistrust than trust the opinions of economists, even on economic matters. 14  In other words, there is a trust deficit to match the understanding deficit. That trust deficit also affects those setting economic policy, including central banks. Measured trust or satisfaction in the European Central Bank, the Federal Reserve and the Bank of England fell after the global financial crisis.

It has also brought about a necessary expertise in terms of financial and economic business administration, has developed the infrastructure and means of payments in the economy and has helped efficient risk transfer in the economy. In spite of accomplishments, I think the country’s growth model needs modifications and improvements, aiming at enhancing its efficiency and stability. Under the conditions of an economy that requires dynamism for moving from a transition economy to an emerging one, the commitment for a sustainable and long-term development should be the subject of current and future economic reforms, at both, political and institutional level, and enterprise and consumer level. Which are the vulnerabilities noticed in this regard? First, domestic consumption and investments have been the main beneficiaries, while the Albanian economy has not yet succeeded in establishing a competitive export sector,  2  BIS Review 158/2009  capable of generating steady foreign currency income, which would enable the preservation of external economic balances. From another viewpoint, this development does not seem as balanced in sectoral terms. So, some sectors such as trade, construction and services have contributed disproportionally the country’s development while others, such as agriculture and industry have contributed less. Second, Albanian economy continues to suffer from structural vulnerabilities, which contract its competitiveness in international markets of products and capital. This behaviour is illustrated even by international competitiveness indices compiled recently by the World Economic Forum, where Albania is ranked below regional countries. Some acute problems refer to the need for enhancing education and infrastructure, in all dimensions.