could precipitate a difficult - to - arrest downward drift in inflation expectations. at the heart of the review is the evaluation of potential changes to our strategy designed to strengthen the credibility of our symmetric 2 percent inflation objective. for example, based on the federal reserve staff ’ s greenbook forecast, across forecasts prepared for 59 fomc meetings between 1997 and 2004, one - third of the year ahead, four - quarter inflation forecast errors were 0. 5 percentage point or greater in absolute value. error tended to be on the low side, and 45 percent of low - side misses were greater than 0. 5 percentage point in absolute value. - 5the elb problem also complicates the fomc ’ s efforts to achieve transparency and accountability. the fed, like most major central banks, is insulated from short - term political pressures. in our democracy, that insulation carries with it an obligation for us to be transparent and publicly accountable. when policy rates reached the elb during the crisis, central banks resorted to what were then new, untested tools to pursue their mandated goals. these tools are no longer new, but their efficacy, costs, and risks remain less well understood than the traditional approaches to central banking. my fomc colleagues and i are committed to explaining why the use of these tools in the wake of the crisis was a prudent and effective approach to pursuing our congressional mandate and why tools like these are likely to be needed again. our review is but one part of our efforts to engage with the public on these matters. let me turn to the specifics of the review, which is focused on three questions : 1. can the federal reserve best meet its statutory objectives with its existing monetary policy strategy, or should it consider strategies that aim to reverse past misses of the inflation objective? 2. are the existing monetary policy tools adequate to achieve and maintain maximum employment and price stability, or should the toolkit be expanded? 3. how can the fomc's communication of its policy framework and implementation be improved? these questions are quite broad, and my colleagues and i come to them with open minds. we believe our current policy framework is working well, and we have made no decisions about particular changes. in fact, the review is still in its early stages. - 6the first question raises the issue of whether the fomc should use makeup strategies in response to elb risks. by the time of the 1999 conference, research

safe return of your role in economy. to sum up this brief presentation, i take advantage of the opportunity to appeal that it ’ s the time now to have a unified standard of accounting evidence in economy, completely in compliance with international financial reports standard ( ifrs ). our financial statements should be accurate, fair, and easily comparable. our accounting balance sheets should reflect genuinely the accounting position at end of the accounting period. it would be much easier for the banking system to set up its lending policies if the balance sheets and financial reports were true, standardized and publicly known. also, the equity market, we have largely dwelt with, would have a real development stage. a business may be capitalized only when it is fair and open, implying ethics and professionalism on your side. you should think that your product constitutes basic documents from which the much desired statistical information will spring to make further generalizations and nourish the country ’ s macroeconomic statistics. on the other hand, fair balance sheets would better assist relevant authorities to control the information, evasion and undeserved profits. i strongly believe that you will take more advantage out of this. therefore, i do not hesitate to once more congratulate you on this initiative and ensure that you will always find an open window of communication and mutual cooperation at the bank of albania. finally, i would suggest to all of you that have chosen this fair profession to make the slogan “ fair authenticity ” as your own. thank you!