responsibility under the maastricht treaty as guardians of europe ’ s single currency. because economic and monetary union is a magnificent undertaking that forms the basis of europe ’ s prosperity and shared stability. and because the single currency is an emblem of europe ’ s unity. the experience we have gained in this economic and monetary union, based on the free will of the member states, is exemplary in today ’ s globalised world that is rapidly integrating. it ’ s also why we are pleased to engage in close cooperation with institutions on other continents that are observing the ecb and the eurosystem and thinking about the lessons they can draw from europe ’ s unique experiences. i would like to end by quoting the philosopher and writer ernest renan, who defined a nation ’ s identity as follows : “ in the past, it was a heritage of glory and of regrets to share together ; in the future, it will be the same programme to be realised … ”. 9 europe has more than its fair share of past glory and regrets, and possesses a deep cultural unity in its diversity. the single currency is an essential part of this “ programme to be realised ”. we shall continue to offer the euro as a unique and irreplaceable anchor of stability and trust. in the present very difficult circumstances it is more important than ever. europe can rely on us to preserve that anchor. thank you for your attention. “ dans le passe un heritage de gloire et de regrets a partager ; dans l ’ avenir un meme programme a realiser. ”, ernest renan, “ qu ’ est ce qu ’ une nation? ” 1882.

ardian fullani : recent financial and economic developments in albania speech by mr ardian fullani, governor of the bank of albania, while presenting the 2004 annual report to the albanian parliament audience, tirana, 9 april 2005. * * * honored deputies, i am here with you presenting my first address as governor of the bank of albania, to share with you the bank of albania estimations on the economic developments of year 2004, to present our viewpoints on the albanian economy perspective for the years to come, and to present some other important aspects of the bank of albania activity during this period. bank of albania is an institution that plays a crucial role in the decision - making of economic and financial policies and for establishing and maintaining the financial stability of the country. for this purpose, on behalf of the institution i govern, i would welcome any opinion, comment or suggestion relating to the past, the present and the future of the institutional development, of monetary policy and banking supervision. albanian economy during 2004 according to the bank of albania estimates, the development of the albanian economy over 2004 was in line with the objectives of the strategy on the economic development of the country. based on the latest estimates, it results that albanian economy grew by 6. 0 percent in real terms, keeping the average development rate of the last five years. the economic growth rate of albania has been throughout this period higher than the one of other southeastern european countries or even the one of the countries being recently members of the european union. the activity conducted by the albanian economy, as a relatively open economy, was fuelled by the invigoration on a world - wide scale of the economic activity throughout 2004. a slow but a safe growth of the european economy experienced over 2004 has been a positive factor for the albanian economy, fostering the demand for our exports and sustaining the rise of remittances inflow in foreign currency from emigrants. the average inflation rate of the euro area has been around 2. 4 percent over this year, without exerting any influence on the rise of the imported inflation rate in albania. simultaneously, the impact of shocks on the world economy during 2004 resulted to be smoother in the albanian economy. oil price rise in the international market was amortised partially due to lek appreciation and partially due to the rising competitiveness and the emerging of a certain flexibility of demand for this product. the impact of oil price rise on the inflation rate in the country has been restricted. also, its impact