in her work, pegi has assessed the impact and channels of the european central bank's quantitative easing policies on the interest rate of corporate bonds. the author has also analysed the behaviour of firms toward these programs of the european central bank, and whether they have affected or not in the issuance of an acceptable ( adequate ) debt. more specifically, pegi has employed the econometrics methods to assess that both programs - the purchasing program in the corporation sector ( cspp ) as well as the emergency purchasing program during the pandemic ( pepp ) - have had an effect on the interest rate of corporate bonds, but the scale of the impact of each program has been different. furthermore, results show that quantitative easing programs have had a considerable role in mitigating the lending conditions to corporation in the euro area, affecting thus the increase of both the number and volume of corporate bonds issued. first, i would like to commend the winner of the first prize for choosing this theme ; a rather interesting and relevant theme for banks in advanced economies, but which has been gaining traction in emerging countries. undoubtedly, the bank of albania has also paid attention to its research analysis and materials, emphasizing the role of balance sheet policies on supporting the economy with liquidity, particularly during the 3 / 4 bis - central bankers'speeches pandemic, without ignoring the risks that these policies may pose, not least, to the emerging economies. on the other hand, pegi has meticulously analysed the theoretical and empirical literature and the methodological approach, laying out a discussion and presenting results that deserve the first prize in this competition. i congratulate her for being part of this competition, and i take the opportunity to wish all participants and winners'great successes in their professional career endeavours! 4 / 4 bis - central bankers'speeches

society. simultaneously, the process of setting the hypothesis, selecting and implementing the applied methodologies, is conducted in congruence with the best up - to - date research practices. this renders analysis and research investigation valid and professional. during this year's competition, there were a series of applications received, mainly focusing on topics that deal with recent phenomena taking place in the fields of economics and finance. the studies are directly or indirectly connected with the activities of the central bank. some of the most interesting topics of these studies were the following : the impact of policies on the central bank's balance sheet in the corporate bond markets ; 2 / 4 bis - central bankers'speeches the impact of credit and the expansion of banking products ; the effect of prices on the real estate market ; the multiplier of government expenses and consumption, and their effect on the economy. we gladly assess that the topics presented fulfil the standards of a true scientific research, correctly addressing the hypothesis, and their validation is based on the application of contemporary research methodologies, while employing the statistical data in a correct and structured manner. as a result, reaching conclusions and the implications to decision - makers are analysed based on a diligent investigation work on various economic and financial events. after analysing the topics presented, the assessment commission has reached a unanimous decision on the winners of the first three prizes of " governor's award for the best diploma thesis, 2022 ". before awarding the prizes, i would like to congratulate and commend all the participants in competition for their interest, ideas, methods and conclusions, which were based on correct methodologies. the submitted materials are of a high level and the assessment commission was hard - pressed when selecting the winners. however, the three topics that will be presented stand out from the rest because of their importance and coherence, as well as for having fully employed the methodology, and diligently having applied and described the assessment methods, and the interesting findings. i encourage the winners and all the contestants in the competition to preserve and nurture the same passion and commitment further in their professional careers as shown in the submitted research works. let's go ahead and present this turn winners. first prize the first prize was awarded to pegi myshqerri, a student at the goethe university, germany, for the study on the master's theme : the effects of ecb asset purchases on european corporate bond markets ) ".