. in order to have a responsible approach in this regard, the bank of albania has approved the strategy on financial education and inclusion ( boasfei ). this document, as compiled in compliance with the best international practices, makes official the efforts of the bank of albania in promoting financial education as a public good for everyone, for bolstering financial inclusion, consumer protection and increasing financial welfare of individuals as well as the stability of entire financial system. we are pleased to share this objective with various public and private institutions and organisations engaged in the area of finance, education and development, which focus their work on the enhancement of financial literacy. the common work may transform the bank of albania strategy on financial inclusion and education into a national one, which would coordinate at a national level the initiatives of all stakeholders, driving to more tangible results. i am optimistic that we will reach this objective sooner rather 2 / 3 bis - central bankers'speeches than later. the activity today is part of this strategy'the action plan, allowing these important collaborators to present and display their work and projects and coordinate their visions and objectives. as we work together for accomplishing these common objectives, a special thank is addressed to public institutions that adopt policies which promote financial education and inclusion ; financial institutions that develop and provide all - inclusive financial products and services ; educational institutions which integrate financial education in their curricula and programs ; non - government organisation that work in the field to educate and empower their communities ; as well as the information technology companies and fintech innovators who work to digitally transform the financial sector. before concluding, i would like to express my gratitude to the world bank, seco and the swiss embassy in tirana, and absolutely the albanian government, as they are important partners in the process of drafting and implementing these challenging projects. together, we could build an inclusive society in a financial manner, where each individual can develop and realise its own potential. thank you! 3 / 3 bis - central bankers'speeches

regional events can shock a domestic economy such that authorities need to intervene with what they already know and have experienced. it is important to understand the short and long - term implications of the adopted policies in these new environments. the crisis, for example, had a different impact on the albanian economy, from what we had historically experienced. at the time, the albanian economy did not seem to be vulnerable to the foreign sector. subsequent analysis, however, showed that domestic imbalances had built and, indeed, made the economy vulnerable to a foreign credibility shock. it is crucial that research in central banks focus on available information and methodologies, which scrutinize existing paradigms, making this information useful to policymaking, before it becomes or leads to vulnerabilities. in light of the financial and human capital constraints faced by central banks in small, open economies, such as albania, we believe that it is important for these topics to be discussed, in this workshop, with fellow researchers from academia and other central banks. i would like to encourage our researchers to publish their papers in relevant, peer - reviewed 1 / 3 bis central bankers'speeches journals as the most important certification of their work. this will make your research projects more useful and facilitate speedy implementation in mainstream policy making. despite recent success in publications, one of the things that i hear the most is that there is not much research interest in the scientific study of small, developing or emerging market economies like albania. from my prospective, i think that there is interest in the scientific study of small, developing or emerging market economies such as albania, because of the particular and distinguishing characteristics of our economy, which can be different from those represented in mainstream research findings. distinguishing features such as shallow and narrow financial markets, limited number of financial instruments, particular behavioural traits of economic agents and distinctive economic and financial memories, can reveal non - traditional behaviour and interesting phenomena that do not appear and, are, therefore, not addressed in research findings from developed markets. the identification of these particular characteristics and their implications for research findings might be good enough to spark the interest of economic journals and economic conferences to bring these characteristics to the attention of the research community and enrich mainstream economic theory. just to illustrate a few interesting cases, i would like to remind you that the development of economic and financial markets in response to bank of albania policies has been weak and sometimes puzzling, making it difficult to interpret using mainstream economic models. the desire for unhedged borrowers