It has a world-class technological infrastructure, which is continually being improved. And equally important, London has an unwavering commitment to openness and to welcoming the establishment of foreign firms. In particular, the regulatory framework in London has proved sufficiently adaptable to maintain confidence in financial institutions and markets without stifling innovation and risk-taking. The new Financial Services Authority in London is committed to continuing this approach. BIS Review 11/1998  -3-  All these factors help to explain the size of the financial sector based in London. And foreign firms are continuing to move their operations, and in some cases their head offices, to London. I would like to acknowledge the contribution to London’s success made by American firms such as JP Morgan, Goldman Sachs, Morgan Stanley, Merrill Lynch, Citibank and Chase. And many Continental European firms have recently also made major investments in London, including ABN AMRO, Paribas, Dresdner and Deutsche. This shows how global financial institutions in the top rank regard London as the place to be, irrespective of whether the UK participates in EMU. You will have noticed that these factors have little to do with the question of the base currency used either in the UK or in Continental Europe. The City thrives on liquid markets regardless of currency, and it will thrive on the euro. Measured in these terms, the introduction of the euro represents an opportunity for London. We cannot of course be complacent about London’s position. London does not hold its pre-eminent position as of right.

Successful management of the foreign exchange reserves of Albania, where I would emphasise that the adoption of contemporary methods on evaluating their adequacy and administration, has driven to the increase of this reserves – from EUR 2.2 million in 2014 to almost EUR 5 million in 2021, coupled with the maintaining of its soundness in terms of liquidity and safety. In addition, I would like to note here that the pleasant level of our foreign exchange reserve is one of the main indicators supporting the positive risk assessment of the country in international financial markets. The European integration process, where the direct responsibility fields of the Bank of Albania are evidenced as the closest contact points with the European Union legislations, or Acquis Communutaire. In terms on national currency management, the Bank of Albania has ensured the normal supply of market with cash, even in the presence of considerable operational challenges triggered by the pandemic. Also, we have refreshed the entire series of existing banknotes. This process was finalised at the beginning of this year with the introduction of the last two denominations. In parallel, with the refreshment, in response to both the requirements posed by the time and the economic and financial developments, the series is completed with a new banknote, with a nominal value 10,000 Lekë. The entire series of the banknotes has a contemporary design and meets the highest security standards. Financial education, a crucial investment for the awareness of the management of personal finances and enhancing the welfare of the society.