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In response to the weak demand, the Albanian economy is growing below its potential, inflation is low, public and private balance sheets show difficulties, and the banking system has been facing upward non-performing loans. These problems have been detected at an early stage by the Bank of Albania and we have, therefore, taken relevant measures to tackle them. The monetary policy of the Bank of Albania has been constantly on the easing cycle. The key interest rate reached the record low 2.75% last Wednesday, from 5.25% in 2011. In line with the best practices of central banking, we have adopted a forward-looking communication strategy. I am convinced that not only the financial market, but also the real economy has received our message that the monetary policy is and will continue to be on the easing side in the quarters ahead. Moreover, we have intensified our liquidity injection operations, which have succeeded in meeting all the market liquidity needs, by extending the horizon for injection and facilitating access to liquidity by broadening the collateral base. Time has proven our monetary and operational policies successful. The Bank of Albania has managed to contain and control the downward inflation pressures. We are convinced that the steps we have taken will bring inflation back to our 3% target, in the medium term. We have managed to anchor the economic agents’ expectations on inflation. This has enhanced the effectiveness of the monetary policy and contributed to maintaining confidence in the national currency and the Albanian financial system.