their perspectives will be useful in setting the tone for our further discussions on how to better prepare ourselves for the more intensified volatility of capital flows, which, i believe, have been rooted to our current economic environment. ladies and gentlemen, following our discussions on the theme, we will have dr. perry warjiyo and mr. richard murray, our executive directors from the imf to lead our discussions this afternoon on recent developments in global and regional economies with a view to identifying challenges ahead of us. i hope that we could learn a great deal from one another in this traditional session, particularly on how we should prepare ourselves for those potential risks in order to maintain internal as well as regional economic stability. in addition, i believe that the meeting of seacen board of governors, tomorrow, will continue to play an important role in providing guidelines for future works and activities of seacen for the years to come. our guidelines will be important for the seacen centre to pursue its mission and become “ a premier regional training centre for central banks in the asia - pacific region ” according to its vision. ladies and gentlemen, this year is a very auspicious year for seacen over its 40 year - history as it marks the 25th year of the establishment of the seacen centre. we are, therefore, very honored and privileged to host the celebration of the silver anniversary of the seacen centre, here again in bangkok, where the agreement to establish the centre was signed back in 25 years ago. over these past two decades, the seacen centre has become increasingly important in promoting better understanding of the financial, monetary, banking and economic development matters. its role does not benefit only the sixteen member central banks but also extends to several other countries throughout asia and pacific region. i would like to take this opportunity, therefore, to congratulate the seacen centre for its work in helping bind together our community of central banks in the region. and, i would like to invite all of you to tomorrow ’ s dinner to commemorate its achievements in the past quarter of a century together. ladies and gentlemen, may i take this opportunity to wish all of you a successful and fruitful deliberation, and an enjoyable stay in thailand. thank you.

organizations, they have highly endorsed our cooperation and have promised their support with regard to specific problems that characterize financial and economic development of our region. i want to take this opportunity to thank my dear colleagues ( friends i should say ) and the institutions that they lead for the significant efforts and distinguished contributions provided in several important activities that are or will be organized by the bank of albania in the context of financial stability, monetary policy decision making, foreign reserve management and economic research. iii. how to cooperate? on personal grounds i can also identify other important areas of fruitful cooperation which bear common benefits. i would like to encourage the establishment of an annual see central banks forum. this forum could discuss in details topics such as financial stability, statistics, payment systems, economic research, and why not human resources. i would like to encourage active participation of the second and third level central banks ’ managers in this “ forum – to be ”. they must follow the example of their governors and engage in a closer cooperation. they should not only follow up issues discussed and decided amongst governors, but they can open a dialogue and exchange opinions, identify the best business practices and standards and then adopt those in their daily work. iv. conclusion i do not know how many times i might have mentioned the word “ cooperation ” today, but i hope that you will still tolerate me to close my discussion by saying that i strongly believe in the regional cooperation. i will never stop promoting this important process among financial systems of the balkans. dear governors, we have all spent enough time and energy on this important topic, to know that you share the same opinion as i do. the regional countries are on the right track, leaving behind the status of transition countries and joining the community of developing market economies. the central banks in the region need to play their irreplaceable role in order to sustain their countries in their path to common progress and reforms. so let ’ s keep up such attitude toward cooperation, it will build confidence in the region and enhance our efficiency. i wish the central bank of bosnia and herzegovina success and prosperity for the many years to come. thank you.