There is among the Nordic countries an acceptance on the positive long term net effects on productivity, growth and employment. Globalization creates opportunities for new jobs. • The reason for the positive view on globalisation in the Nordic countries might be a broader social security net and public policy that help people who lose their jobs due to trade as well as technology. Training and education improve employability and reasonable replacement ratios in unemployment benefit and other social benefits can mitigate the negative short-term effects of globalization. These are all fiscal or structural policy issues, outside the scope of monetary policy, but still important in a global perspective. • To summarize: Globalisation and technology are strong forces that rapidly shape the world. Policymaking is needed to facilitate the changes that ensue for individuals, companies, the public sector and countries as a whole. In that policymaking, I want to stress that each and every policy area should do what it does best to make good contributions when the changes are being managed. • Thank you! --------------------------------  References • Alvaredo, F., A. B. Atkinson, T. Piketty, and E. Saez (2013), “The Top 1 Percent in International and Historical Perspective”, Journal of Economic Perspectives Volume 27, Number 3, 2013. • Bivens, J., (2015), “Gauging the Impact of the FED on Inequality During the Great Recession”, Hutchins Center on Fiscal and Monetary Policy at Brookings, Working Paper 12, June 2015. • Coibion, O., Y. Gorodnichenko, L. Kueng, J. Silvia, (2017), “Innocent Bystanders?

Financial markets in the first quarter of 2012 were serene, reflecting relatively low premiums of liquidity and inflation risks. The interest rate in the interbank money market has followed swiftly the recent key interest cuts. The transmission of eased monetary policy signals is also observable in the deposits market, while it is expected to be transmitted in the future also in other market segments, conform to the time lag of the transmission mechanism. In the primary market, government security yields showed upward trend reflecting developments in relevant structural factors of the demand and supply, without signalling added risk or inflation premiums. Verified developments insofar, change the basic projections for economic developments in the future. Year 2012 is expected to be influenced by unfavourable developments in the global economy, which may affect the Albanian economy as well. Foreign demand is expected to provide lower contribution over the course of the year, impacted by economic slowdown in our trade partners. Fiscal policy orientation towards further consolidation of fiscal parameters limits the space for a substantial fiscal stimulus to foster the economic activity. Under these circumstances, private domestic demand remains determinant for aggregate demand increase in the future. Overall, analyses suggest a better performance of private consumption and spending, helped also by the eased monetary policy stimulus. Estimates of the Bank of Albania suggest that, in the course of the year, demand growth below the potential of the economy will continue to exercise low inflationary pressures from the demand side.