the transition report, which primarily focuses on digitalization. this does not come as a surprise knowing that digitalization has been significantly boosted during the pandemics, bringing a number of benefits to the societies, including support for faster transition and income convergence. despite the efforts, income gap of the western balkan economies in comparison with the eu still remains wide - regional income is only about 38 % of the european income. this largely correlates with the level of productivity in the region that significantly lags behind the eu productivity. and, the increase in productivity can be achieved only by structural and institutional reforms, including digitalization that can lead to more efficient allocation of resources. thank you. 3 / 3 bis - central bankers'speeches

gent sejko : banking developments and financial market infrastructure. the role of structure, size and market infrastructure in risk mitigation and financial intermediation welcome address by mr gent sejko, governor of the bank of albania, at the annual conference 2017 of the bank of albania, tirana, 9 november 2017. * * * your excellency mr president, honourable mr minister, dear prof. anastasakis, honourable governors, your excellencies ambassadors, dear guests and participants, i would like to warmly welcome you to the annual conference of the bank of albania. for almost two decades, the conference has become a prevalent event in the research and professional activity of the bank. our analyses and conclusions, over the years, have endeavoured to respond to many challenges and dilemmas for our national economy and beyond. thanks to the cooperation with the university of oxford, more specifically with st. anthony ’ s college, this conference has aimed, and i believe it has succeeded in doing so, at exploring and providing answers for a number of issues, which, given their nature, effect and interlinking, are present across the region of the south east europe. the theme of this year focuses on similar issues. during the day, national and international experts of the economy and finance as well as academics will analyse the latest trends and developments in the financial sector in the region, focusing on potential implications on the macroeconomic equilibrium and financial stability of each economy. the theme of the conference is relevant to both the current and the future developments. from the international perspective, it seems that the overall situation is increasingly more supportive. advanced economies, together with large emerging economies are in a phase of full recovery, underpinned mainly by the boost in aggregate demand. interestingly, the euro area, which includes most of our trading partners, is experiencing an overall positive momentum concerning economic growth, and forecasts are optimistic. there is a broad consensus that the economies of the south east europe region, in the first half of 2017, registered a satisfactory performance in terms of recovery ; in the meantime, according to key indicators, such performance is expected to strengthen further in the third quarter of this year. albania is no exception to the regional context. in the previous quarter, the economic and financial situation in albania was set on a path of constant improvement. growth and employment indicators followed an upward curve and expectations for 2018 remain positive. consumption and foreign investments have contributed positively to economic activity and are expected to