As a result, the increase in nominal GDP would be around 4%. At end-2015 the overall general government deficit target (4.2% of GDP) is expected to be met. For 2016, a deficit of 2.8% of GDP is targeted, which would involve attaining – for the first time since 2007 – a figure close to the 3% ceiling established in the Stability and Growth Pact. In turn, the public debt/GDP ratio would stand at 98.2% in 2016, having posted a figure of 98.7% at end-2015, which would mean a decline in this ratio for the first time since 2007. The macroeconomic scenario used to devise the Draft Budget is, as I earlier stated, and with slight upward differences, similar in terms of rates and composition to that I described when referring to the Banco de España forecasts and, more generally, to the consensus of analysts. It is reasonable to expect the improved cyclical position and the reduction in public debt yields to have a positive direct effect on public finances. In this respect, the upward revision of the Spanish economy’s growth prospects means that the budgetary drive required to further the fiscal consolidation process, measured by the change in the primary structural balance, will be very limited, in line with the latest Updated Stability Programme, which anticipated that the fiscal policy stance would be essentially neutral in the 2015–2018 period. Naturally, any slippage in growth or rise in financing costs would hamper fiscal consolidation, making the process more demanding.

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.