gent sejko : the productivity slowdown and the secular stagnation hypothesis opening address by mr gent sejko, governor of the bank of albania, at the presentation by mr patrizio pagano, executive director for albania at the world bank group, tirana, 18 september 2019. * * * dear friends, colleagues and media representatives, thank you for your participation! i have the honour to launch today a presentation on “ the productivity slowdown and the secular stagnation hypothesis ”. the productivity and its role on economic growth is an argument, which, in the aftermath of the last global crisis, is at the centre stage in the agenda of researchers and decision - makers of the economy. the recent decades had never seen before such a duration, intensity and complexity of this crisis. the global economy experienced the longest and deepest economic slowdown and recession, since the great depression in 1930s. certainly, it was a real drama for the national economies, as well as enterprises and households. nevertheless, the crisis served as a catalyser to re - assess the economic ideas and a great laboratory to test them. the book titled “ international macroeconomics in the wake of the global financial crisis ” has been added to the existing vast body of economic literature that studies the challenges to various economies in detail. this book is a collection of research work by experts of the banque de france, banca d ’ italia and banco de espana on the major topics in the post - crisis period. through the systematic investigation of : structural problems in the economy, in more concrete terms, the correlation between advancements in technology, productivity, globalisation and potential growth ; problems incurred by the global trade and promotion of consumption and investments ; problems that the monetary policy has faced and continues to face, due to the heightened uncertainties, fall in the natural interest rate and the chronic low inflation ; and the increasing interdependence of global economies, due to the financial integration and the role of financial flows and interest rates in small and developing economies, the authors provide a precious contribution to the professional debate present in this field. we are honoured to have among us today one of the authors of this publication, mr patrizio pagano. he is present today as both the world bank group executive director for italy, albania, greece, malta, portugal, san marino and timor - leste and as an academic with a long - standing history of scientific publications while serving as the head of advanced economies and

gent sejko : competition and stability in the albanian financial sector speech by mr gent sejko, governor of the bank of albania, at the competition authority of albania conference on " competition and stability in the albanian financial sector ", tirana, 23 november 2023. * * * dear participants, it is a great pleasure to be here on the occasion of the twentieth anniversary of the law " on competition protection ". in these two decades, the competition authority of albania has implemented a policy which encourages companies to supply products and services at the most favourable terms to consumer, by boosting transparency, efficiency, innovation, and in turn the reduction of prices in the market. the weight and contribution of the competition authority, likewise many other regulators, are both necessary and irreplaceable in the life and development of a country. a fair and sound competition plays a crucial role in the economy of a country. it promotes the economic growth, by bolstering commercial activity, productivity, and investments. the economic theory emphasises that competition encourages the efficiency of businesses in managing the resources, in turn, providing the reduction of costs and the increase of sales. enhanced efficiency translates into lower prices. the decline in prices drives to the growth in : on the one hand, the real income of consumers, thereby fuelling consumption ; and, on the other hand, the motivation of companies to invest in innovation and capital building – human and financial – which altogether contribute further to economic growth in a direct manner. competition, likewise in the other sectors of economy, should generate the same effects in the financial sector as well, by contributing in the expansion of both the gamma and quality of products and financial services provided by banks, as well as the increase of access in finance. banks play a critical role for the country's economy and economic growth, so financial stability is a prerequisite for a stable, efficient and supportive financial system to economic growth and the real economy. the soundness of the banking sector lies at the heart of an operational market economy. it channels the savings of households and businesses into investments and financing, thus carrying out the intermediation functions that are crucial to the real economy and contribute to the country's development. for the bank of albania, the financial sector must be both stable and competitive. for this purpose, the banking law requires banks to act independently from each other, based on the principles of free market and fair competition. beyond that, the policy implemented by us has been