A more comprehensive consideration of the gaps in the Fund’s surveillance framework is necessary to strengthen the effectiveness of the Fund’s bilateral and multilateral surveillance. 4. Given its universal membership and deep technical expertise, the Fund is uniquely placed to identify global challenges, facilitate dialogue and propose policy adjustments. To leverage on such unique strengths, the Fund must earn the trust of its entire membership that its policy advice is formulated in an evenhanded manner. In this respect, the forthcoming  BIS central bankers’ speeches  1  spillover reports will be another important test of the Fund’s commitment to this principle. Therefore, we hope that such reports will be written in a balanced manner without concentrating the burden of policy adjustment needs on any particular country or region. Lastly, these expanded exercises should not neglect bilateral surveillance exercises, as they remain the cornerstone of Fund surveillance, offering the safe haven of confidentiality that encourages candid discussions between Fund staff and country authorities. International Monetary System reform 5. The arguments relating to the deficiencies of the IMS are by now well-rehearsed. Yet, a consensus on what the most critical problems – let alone solutions – are, remains elusive. For emerging market countries, resurgent capital inflows have complicated the task of policymakers, especially as policy settings are being normalized to manage inflation risk. While capital inflows are by and large beneficial in promoting growth and investment, large and volatile episodes can pose significant challenges and overwhelm some recipient countries’ ability to respond.

The history of money originates long ago and its developments are closely related to the people that have produced it. Its role is not limited to the economic functions; it is also a historic evidence of the minting or issuing country. It speaks about periods of economic crisis or downturns, of peace and prosperity, of successes and injustices. In this context, we decided to dedicate the First Conference of the Museum of the Bank of Albania to two main topics, which we think are the gist of its exhibitions and educational activities. 1. Findings, researches and discussions in the area of monetary production and circulation, the history of the economy and banking activity in Albania and Albanian historic territories, which contribute to accurate interpretation and updating of information transmitted to the visitors 1/2  BIS central bankers' speeches  through Museum collections. 2. The educational role of central bank museums in getting to know the history of money, and banking activities and enhancing financial literacy through exhibitions, education and innovation. For this purpose, we aim, therefore, to bring together foreign central bank experts to share their perspective on the management of central bank museums, collections and educational activities. This conference certainly underlines the commitment of the Bank of Albania to earnestly engage in both research and educational activities. We are very interested in enhancing cooperation with researchers, academia, peer museums, and specialised institutions in economic, historic and cultural heritage research.