also as stations for the gathering of information on the economic and financial activity of the district, preceding the analyses and studies that will serve not only to the design of a clear macroeconomic policy but also to the modernization of elements for the transmission of this policy from the higher authority to the lower authority and vice versa. on the other hand, do not forget that you will have in exchange the opportunity to conduct professional analyses regarding the branch where you perform your activity, with accurate expectations about markets, businesses and consumer demand. therefore, even with your credit provider, the banking business will be more confident in making decisions and finding potential clients. i would like to emphasize that the invitation i address to you today is very sincere, real, away from propagandistic clishes. to sum up, i would like to confirm that these communication relations which i appeal for today would resist the time only if they would rely on sincerity, confidence and reciprocity. i do guarantee that. 3 / 3

not only to realising the legal objectives, but also to strengthen its institutional governance. in this context, the medium - term development strategy of the bank of albania, together with the medium - term budget, was updated in 2017. for the first time, the capital expenditures and the projects included in the 4 / 6 bis central bankers'speeches budget were preliminary approved by the capital expenditure committee. also, the audit committee continued the work throughout 2017. this committee conducts a monitoring function independently from the bank of albania management. in 2017, the supervisory council approved, for the first time, the level of tolerance to the operational risk at the bank of albania. it will help the efficient risk management, through the early identification and management of operational risk, in line with the established procedures. we deem that the implemented policies and the undertaken measures have served to promoting monetary and financial stability, by contributing to safeguarding the economic and financial balances, necessary for a sustainable economic growth. honourable speaker, honourable members of parliament, as i stated at the beginning of my speech, the development perspective of albania remains positive. nevertheless, we have and will continue to face challenges, which should be addressed with courage, vision and determination. at the end of my presentation, allow me to present the vision of the bank of albania on the future of the economy and financial system, as well as on adequate development policies. 3. development perspectives and challenges supported by the favourable financing conditions, the further recovery of global economy and the strengthening of confidence in economy, the cyclical improvement of the albanian economy is expected to continue in the medium - term horizon in the next two - three years. the growth of aggregate demand will encourage the further increase of employment and a faster rise in wages. the fuller utilisation of production capacities will enable the return of inflation to target within the medium - term horizon and will help improving the overall economic and financial equilibriums. the realisation of this scenario is conditioned by the lack of internal or external shocks on the albanian economy or financial system. also, it requires continuing the accommodative monetary policy stance and maintaining the consolidating fiscal policy trend. these policies ’ coordination is vital for strengthening the macroeconomic stability of albania. on the one hand, it maintains a stimulating resultant trend of main economic policies and, on the other hand, it addresses the various vulnerabilities. looking beyond the medium - term horizon, the bank of albania assesses that more needs to be done for strengthening