2008. we project that the gdp will grow during the present year by 6 percent. in addition, our projections indicate that the 12 - month inflation will mark around 3 per cent at end year, which is very close to our numerical target. all the other macroeconomic indicators attest to a relative stability with rates being close to our projections. despite this positive outlook, the public attention is at this moment future - oriented. in this context, the year 2009 shows a more complex setting, with numerous challenges ahead not only for the real economy but also for the monetary policy, the fiscal sector, the external sector of the economy and the financial system at home. with respect to the international developments, the partner countries are close or have now plunged into economic recession. the decline of the economy, among others, affects negatively “ the export of its surplus ” in goods, capital and investments in partner countries. in this context, the possible slowdown in foreign currency inflows may constitute a future occurrence, although the intensity at which this phenomenon may be exhibited is still vague. in the recent months there has been a halt in the price rise of raw materials, oil and foods. in addition, a rapid correction process of these prices on the demand side has commenced. the further fall in prices may affect the decline on both sides of foreign trade. but, given the difference between imports and exports by several times, the net effect will naturally be the reduction of trade deficit. worth to note, however, is that the fall in prices may impact indirectly the performance of fiscal revenues since the amount on which the fiscal tariffs are applied will be lower. we are now facing the reduction in lending and credit lines extended by parent banks to their subsidiaries. based on these arguments, the bank of albania assesses that there is an increasing risk that the economic growth may slow down in 2009. the harmonization of the two basic policies in economy is a key element which ensures growth and a balanced development. in this context, we are in the process of analyzing the new project drafted by the government for 2009. we remain constant in the belief that the harmonization of both basic policies remains a priority in the future as well. to this purpose, we require from the government the inclusion in the fiscal package for 2009 of a fiscal rule on the performance of fiscal policy. this rule should be quantitative, monitorable and extended through the entire political mandate, with a clear bias towards the quantitative maastricht criteria. other possible risks involve those

of our financial system, challenged by climate change and the transition towards a sustainable economy. in addition to implementation of the climate strategy, we will continue on the path towards modernization and digitalization of the market and payment systems, aimed at promoting financial inclusion and the use of electronic payments in the albanian economy, in turn contributing to green finance. these initiatives will also simultaneously serve as an impetus in our efforts towards collecting sufficient data and building empirical models, as well as enhancing the awareness on climate - related risks within our financial ecosystem. 2 / 3 bis - central bankers'speeches the bank of albania is determined to fulfil its mission to guide advancement towards green finance, increase public awareness and contribute to sustainable development. our effort includes integration of the latest innovations and best practices, accompanied by harmonization of our regulatory framework with the eu legislation ( acquis ) on sustainable finance. dear participants, central banks, international and national institutions are continuously improving their analytical and empirical expertise in these key areas. supporting green finance policies is a fundamental principle of our commitment to a more sustainable and prosperous future. this is not a journey that an institution or even a nation can make alone. it requires cooperation and coordination on a global scale. i thank each of you for joining us in this vital effort. also, on behalf of the bank of albania, i would like to express my gratitude to the albanian government for its continuous support and commitment in addressing these critical issues. our actions today shape the world for generations to come and strengthen the resilience of our economic and financial systems. i hope that during the proceedings of this forum, the most productive and fruitful discussions will take place, which stimulate the most creative thoughts and solutions to the climate challenges that our system faces. thank you! 3 / 3 bis - central bankers'speeches