, we need to better understand and address global imbalances. at 40 percent of world gdp, global external imbalances – measured by the sum of the absolute values of net creditor and net debtor international investment positions – are now at a historical peak and four times larger than in the early 1990s. and finally, we must take account of new public goods in international agreements. ii. global public goods and development global public goods – notably climate and social inclusiveness – are a matter of concern for all : politically they create rising expectations, and economically they generate externalities. deficient provision of these goods can have huge disruptive effects on economic, financial, and social systems, with large welfare costs, still more in developing countries. the simple truth is that we have underestimated these expectations, for too long. the so called “ washington consensus ” was economically sound, but socially too weak. nothing sustainable is achieved without a strong economy, so let ’ s stick to that mandate. but globalisation has often been viewed as having mainly benefited large corporates – and their tax avoidance – as the prosperous, globally mobile class – and the rapid growth of their income. inequalities between countries – in particular between the north and the south – have fortunately decreased, those within countries have increased. and younger generations are demanding that we ensure the protection of the planet. a lot has been achieved in recent years. for instance, the bwi have contributed to the significant reduction of poverty at the global level : since 1990, the number of people living in extreme poverty worldwide has dropped by 1. 1 billion. but much remains to be done. in this respect, the bwi can play a key role by focusing on their core competencies, – namely surveillance, technical assistance and lending –, and by developing new tools for the analysis of macro - critical issues such as climate change, digitalisation, and inequalities. we should aim at a better coordination between the bwi and other international organisations including un bodies ( un development programme, un climate change conference, un conference on trade and development … ). given the insufficient achievement of economic development in africa and part of south asia, there is a need to review the functioning of development aid. we could say the same concerning climate change, stronger coordination between un bodies and the bwi could be achieved, with the latter providing the macro - financial framework needed to assess risks and policies, following the example of the ngfs. * * let

. these risk premia are also reflected in other lending terms, unrelated to the loan price, and appear tighter as compared to their historical performance. * * * under the bank of albania's baseline scenario, the economy will improve slightly during the current year. increase in exports and a better performance of consumption and investments will continue to support the aggregate demand. the monetary policy will support the domestic demand, by maintaining macroeconomic stability and ongoing injection of monetary stimulus in the economy. also, payment of arrears will help improve the balance sheets of firms and the private sector, and is expected to improve business borrowing. excluding the payment of arrears, the 2014 budget has projected a fiscal adjustment needed against the backdrop of a rapidly increased public debt. reflecting the weak economic and monetary dynamics in the country, inflationary pressures are expected to be weak. after four quarters, inflation is expected to vary 0. 7 % – 3. 8 %, with a 90 % probability of occurrence. this will require maintaining a stimulating monetary policy even in the medium term. * * * at the end of discussions, the supervisory council decided to keep the key interest rate unchanged, at 3. 0 %. given the expected inflation developments, the supervisory council deems that the monetary policy will remain stimulating in the medium term. the monetary stimulus intensity may increase further over the periods ahead, in the event the economic and monetary developments continue to shift the balance of the downside inflation risks. in any case, the bank of albania remains determined to ensure price stability, in accordance with its inflation target. the bank of albania deems that 2014 will be a turning point for the albanian economy. maintaining financial and economic stability, improving external environment, pursuing stimulating macroeconomic policies and continuing structural reforms would open the way to albania's stable and long - term development. bis central bankers ’ speeches