, aware of the risks exposed during this period characterized by numerous unstable developments in global and regional economy. therefore, our supervision has placed great emphasis on identifying the various risks to banking activity, improving the banking sector ’ s ability to manage these risks and strengthening the legal and operational framework to address them in case of their materialization. in the wake of the global economic crisis, many countries are redesigning their economic development agendas and models. throughout many years, the bank of albania has initiated, encouraged and supported this discussion by engaging in an open communication with the public authorities, business community and academic circles. our opinion is that economic development policies should contribute to setting a better balance between the development priorities of the sectors of the economy, by supporting agriculture and production. one of our immediate objectives is enhancing the economic capacities that improve the competitiveness of our products and benefit more from foreign demand. to this purpose, the development and further perfection of financial infrastructure, as well as the qualitative improvement of technology, are, among others, a priority. we must ensure a well - educated labour force, able to adapt to the international labour market, in addition to the local one. therefore, the education - related policies on the younger generation must, above all, ensure the quality of education and incorporate programmes that assign greater importance to its practical orientation. the bank of albania is now very seriously committed to its public financial literacy programme. in this context, we have designed and implemented a series of projects and cooperation initiatives, covering different age groups and geographical areas across the country. it is clear that these objectives cannot be accomplished by the simple wave of a magic wand. they are even hard to be accomplished in due time and with the capacities of a single economy. albania is indeed a small economy but thanks to continuous reforms, it has turned into an attractive country to foreign investors. our vision has been and remains open to any regional initiatives. we are able to become part of joint regional projects, thus providing evidence for the great absorptive capacity for big investments and serious investors. bis central bankers ’ speeches therefore, the formulation of policies for attracting foreign investment, coupled with the constant improvement of the business climate and relevant legal framework, should be continuous part of the country ’ s economic development strategy. dear guests, despite being a small country, albania represents a vibrant economy with vital people who are able to undertake wide - ranging business intitiatives. moreover, our country shares a considerable part of its official borders with albanianin

. if this situation remains as such in a predictable time horizon, the monetary policy may remain accommodative over the same period. the recovery of the domestic demand and economic growth is further related to expectations, which are also affected and contaminated by our trade partners ’ condition. the fiscal policy has aimed at fiscal consolidation and has continued making efforts to prudentially provide necessary fiscal stimuli. currently, if the privatization process is successfully completed, then the fiscal opportunities for promoting economic growth and for revering any negative expectations are significant. the way of using privatization receipts should not only support the short - term economic growth objectives, but should also affect the economic operators ’ expectations for stable economic growth in the future. the latter can be achieved by using additional revenues to reduce debt levels and support reforms for structural changes in the economy. dear participants, currently, we are of the opinion that the concept of long - term development strategies of a deeply national character is an important issue for the stable long - term growth in our region. lacking a regional perspective does not favour the individual success of small economies in the global economy. the process of connectivity and integration of transport infrastructure should continue with the integration of development strategies, capital markets, the labour and primary commodities, and energy infrastructure. our economies are vulnerable and contaminable bis central bankers ’ speeches from global developments because they are small economies in an economic region fragmented and dependent on foreign inflows in the form of investments, exports and remittances. increase in the market share, ease in production factors mobility ( capital, labour, and raw materials ), integration of financial and payment systems, integration and coordination of scientific and educational curricula and addressing of challenges from a regional perspective would make the region an attractive and integrating economic place. this integration would identify the comparative regional advantages, enhancing at the same time the competitiveness of each of our economies. consequently, it would convert the tendency of the region to be negatively contaminated from global developments into an opportunity, a positive impact, in order to achieve high and stable economy growth in the long run. thank you! bis central bankers ’ speeches