We have supported the European integration process of Albania through the continuous dialogue process with our European partners and by continuing the alignment of the banking legislation with Acquis Communautaire; the Bank of Albania has supplied the Albanian economy with qualitative coins and banknotes; we have intensified the efforts for the financial education of public and expansion of financial inclusion; we have managed the international reserves in compliance with the best principles of the field; the Bank of Albania has contributed in the economic dialogue through advises, publications and scientific conferences; and we have further developed and expanded the gamma of the financial statistics. Last, further progress has been achieved for the improvement of the institution governance, through the update of risk management systems and for ensuring the business continuity. In view of the organised cyber-attacks the country faced with in 2022, the Bank of Albania has paid special attention to enhancing the sustainability of banking system, financial markets and payment systems operated by the Bank of Albania, by collaborating with specialised national agencies and international partners. Honourable Members of Parliament, Meeting our mission and legal duties, realising the commitments in view of the mediumterm development strategy, and complying with the recommendations left by the Parliament of Albania for 2022, have been important objectives guiding the activity of the Bank of Albania throughout 2022. This philosophy will continue to lead our work in 2023 onwards. Concluding, allow me to re-emphasise that price stability has been and remains the main mission of the Bank of Albania.

Indeed, the reaction of fiscal policy has also been swift and timely, both at the global and at the European level. National authorities approved sizable fiscal policy packages, focused on providing income support to firms and households, and on shielding the health-care system. It is worth noting the role of liquidity support schemes for firms, in the form of loans with favourable conditions, new credit facilities and public guarantees. In this setting, supranational support at the European level has also been fundamental. In this regard, since the degree of economic and financial interdependence within Europe is very high, joint action is clearly the most effective means of ensuring that the economic effects of the pandemic are overcome within a short period and at a lower cost for each and every country. Taking this into account, the European Council has agreed on a European recovery fund (Next Generation EU). The fund will be financed on the capital markets, with the European Commission borrowing, on behalf of the Union, an amount of up to € billion between 2021 and 2026. The spending and investment arising from the use of this fund will be pivotal to entrenching the economic recovery and reducing the potentially permanent consequences of the crisis. Nor should we forget the reaction of micro- and macro-financial supervisory authorities, which has also been crucial. First, supervisory processes have been adapted to free up banks’ operational resources so that they may be used to ensure business continuity.