albania has always been and remains frontrunner of change. 3. bank of albania, an evolving institution throughout the transition history, the bank of albania has shown able to change and embrace better contemporary and most effective practices. the nature and functions of the institution were fundamentally transformed in 1992, when the albanian economy started the transition process towards a free market economy. within a short period of time and in the presence of a shortage of an institutional heritage, the bank of albania succeeded to establish the contours of an independent monetary policy, being empowered in the presence of a free - floating exchange rate, regulate and supervise a private banking sector that functions based on the market principles. the qualitative transformation of the bank of albania towards a modern central bank evolved further with the approval of the new law on the bank of albania in 1997, which lays down the primary objective “ to achieve and maintain price stability ”. this law sets out the decision - making, financial and operational independence of the central bank in the pursuit of its objectives, in line with the best international practices. in addition, it is encouraging that this institutional independence enjoys a broad social consensus. during these years of transition, our monetary policy has marked a notable progress towards : developing a theoretical framework ; building up the completion of our knowledge with empirical studies ; perfecting the instruments for its implementation ; and the transparent communication with the public. since 2015, we have formally adopted “ the inflation targeting regime ”. this regime provides the adequate incentives, discipline and flexibility to the maximisation of the longterm social welfare. in parallel with the evolution of the monetary policy, the bank of albania, in years, has built on a modern and effective regulatory banking framework, in line with the best international practices. from time we have implemented the regulatory standards incorporated in basel i, ii and iii. then, we have helped the establishment of the albanian deposit insurance agency ( adisa ) and the resolution framework. these two elements are crucial for the stability of the financial system. in addition, we have been working in collaboration with other public authorities, on the development of the complete supervisory and regulatory architecture. i would like to mention in this regard the establishment of the financial supervisory authority ( fsa ) and the financial stability advisory group ( fsag ). in the light of such a historical background of development and evolution, the bank of albania has shown itself an institution able to be adapted and change to keep up with the times. in parallel, the gradual, well -

we still can't be sure exactly what living with covid - 19 will look like in australia. another factor underpinning the view that the economy will bounce back is the substantial income support being provided by the australian government and by the states and territories. while this support is different to that provided earlier, for many individuals the value of that support is similar to that provided earlier. so with consumption restricted by the lockdown, it is likely that the aggregate household saving rate will increase again in the september quarter ( graph 4 ). while the increase won't be as large as that of last year, it will mean that many people have more money in the bank than they did pre - delta. graph 4 household net saving rate * quarterly % % - 5 - 5 * estimate for the september quarter 2021 sources : abs ; rba it is also relevant that broader measures of household wealth have increased recently ( graph 5 ). housing prices are 19 per cent higher than they were before the pandemic and australian equity prices are around 10 per cent higher. this lift in the net wealth of the household sector is one of the things that suggest that once the restrictions are eased, households will be well placed to start spending again. https : / / www. rba. gov. au / speeches / 2021 / sp - gov - 2021 - 09 - 14. html 5 / 14 9 / 14 / 21, 1 : 55 pm delta, the economy and monetary policy | speeches | rba graph 5 real household net wealth * year - ended growth with contributions % % financial assets consumer durables dwellings liabilities - 10 - 10 total - 20 - 20 * includes estimates for june and september quarters 2021 sources : abs ; rba for businesses, it is a mixed picture. many of the businesses we talk to are expecting an easing of restrictions later this year. they also remember that the labour market was tightening just a few months ago and are alive to the possibility that this could be again the case next year. this possibility is creating a strong incentive to keep in close contact with employees ; it doesn't make much sense to let workers go, only to have trouble hiring when restrictions are eased. many large firms also have balance sheets that are in good shape and they have expansion plans based on the expected easing of restrictions. business investment was on an upswing pre - delta, and it is reasonable to expect that we will return to this as restrictions are eased, demand picks up again and uncertainty starts to