shock it experienced due to surge in prices in international markets, and reached 2 % in november 2024. this return to price stability has been accompanied by a reduction in the cost of living for households and an increase in business investments. 1 / 3 bis - central bankers'speeches also, overall inflationary pressures have been reduced, on the back of declined inflation in trading partners, appreciated exchange rate and the normalization of monetary policy stance over the past two years. during 2024, the bank of albania has achieved significant progress in two key initiatives in the areas of payments and banking supervision : joining sepa on november 21, 2024, and advancing open banking. participation in sepa will enable the conduction of cross - border financial transfers with european union countries, making them faster and at lower costs a€ “ an important step towards economic integration and improving services for businesses and consumers. also, the bank of albania, in line with eu regulations, has advanced in implementing open banking, by promoting the use of digital platforms with the aim of enhancing financial inclusion and establishing a more open ecosystem for clients and businesses. open banking will empower citizen with higher and more transparent access to financial services. this development is part of a broader strategy to improve financial infrastructure and digitalize the economy. both initiatives aim to expand financial inclusion, by directly contributing to the reduction of informality, in turn supporting long - term sustainable growth. regarding the future, our forecasts remain positive, mainly based on positive developments in terms of economic activity growth. the financial environment, characterized by ample liquidity, relatively low and stable interest rates, and contained risk premiums, thus transforming bank credit into an important and reliable source of financing for the albanian economy, has played an important role in this regard. to this end, the bank of albania will continue to remain vigilant to accurately reacting and in timely manner to the economic and financial developments. concluding, i would like to shift the focus to an 18 - year tradition that enriches this annual event of the bank of albania. i have the pleasure to present the winners of the governor's award for the best diploma thesis. this activity, invites albanian students from all over the world to present their work in the field of economics and finance. this year 24 participants have participated in this competition with impressive papers. i am delighted to note that the topics addressed in these studies are related to the traditional objectives and policies of central banks, but at the same time, many of them have

from structural changes in the singapore economy. in these areas, there is much scope for further study including joint collaboration between academia and policymakers. first, in robust statistical techniques to identify demand and supply shocks in a dynamic economy. second, in formulating robust monetary policy rules in the context of ongoing supply - side changes in the economy. and, finally, in developing early warning indicators for different types of inflationary pressures, and assessing the efficacy of various macroprudential instruments. partnerships with academia can also play a key role in public insights and understanding of structural issues, challenges and the policy trade - offs. in this regard, i encourage skbi to be at the forefront of applied financial and economic research that can help shape policy thinking. an american opera soprano and actress turned self - help guru, dorothy sarnoff, once said : “ make sure you finished speaking before your audience finished listening ”. this morning, i am sure many of you are looking forward to the keynote address by sir james mirrlees as much as i am. so allow me now to end my opening address here. thank you for your kind attention. bis central bankers ’ speeches