, the canadian dollar, and the norwegian krona. by absorbing exchange rates shocks, the euro thus contributes to stabilizing external payments of countries trading with both the eu and the us. ( b ) the autonomy of swiss monetary policy financial market developments over the past 5 years have also demonstrated that the monetary autonomy of the swiss national bank has not disappeared. the amplitude with which the snb has reacted to changes in the economic environment since the end of 2000 lies in between the reactions of the federal reserve and the european central bank, with more aggressive interest rate cuts by the federal reserve and a relatively modest reaction by the european central bank. the different responses of those central banks reflect their institutional framework as well as the economic circumstances of the respective countries. on one hand, the snb has been more flexible than the ecb. the ecb is a new institution without historical record. moreover, the ecb has a strict mandate of maintaining low inflation, and there have been upward inflationary pressures in certain european countries due to the convergence process. those factors induced a less aggressive easing of monetary policy in an uncertain environment. in contrast, with traditionally low inflation, the credibility of the snb is strong, which allows it to react quickly to economic shocks without creating turmoil in financial markets. in the past few years we have thus been able to act in a flexible way, with our own timing, in order to respond to the global economic slowdown and pressures on the swiss franc. on the other hand, the snb reacted less strongly than the federal reserve to the deterioration of the international economic environment. the united states is a relatively closed economy where the federal reserve mandate is broader than price stability. in contrast, our freedom to maneuver is limited by the openness of our economy. in a small and open economy, monetary activism cannot fine - tune economic activity. institutional and economic characteristics of the different countries and central banks have thus implied differentiated monetary policy profiles. 5. conclusion let me conclude by first emphasizing the positive global influence that the euro has had since its introduction in 1999. not only does the common currency contribute to the integration of the european market, but the appearance of a counter - weight to the us dollar has helped stabilize the international monetary order. exchange rates around the world can thus evolve closer to their economic fundamentals, and the impact of exchange rate fluctuations on capital flows and foreign trade are dampened. developments in the financial markets over the past 5 years have shown us that although highly integrated in

ahmet ismaili : banks, fintechs and businesses - building synergies to accelerate access to finance welcoming speech by mr ahmet ismaili, governor of the central bank of the republic of kosovo, at the conference " banks, fintechs and businesses : building synergies to accelerate access to finance ", co - organised by the central bank of the republic of kosovo and the united states agency for international development ( usaid ), pristina, 14 november 2023. * * * honourable mr. albertine, director of the office for economic growth, usaid kosovo honourable chairman mr. nurboja and member of the cbk board honourable representatives of local and international institutions honourable managers and representatives of banks and other financial institutions honourable business representatives respected panelists ladies and gentlemen i am pleased to welcome you to this forum co - organized jointly by the central bank of the republic of kosova and usaid entitled " banks, fintechs and businesses : building synergies to accelerate access to finance ". the fact that the cbk is a co - organizer of the conference and my participation today in this occasion, demonstrates the importance for the cbk of access to finance, financial inclusion, digitalization of payment services and alternative financial products. therefore, the compatibility of the usaid ipaf project with the cbk strategy and goals constitutes a synergy in itself. we are witnesses that the financial system has continuously evolved over the years, especially in recent years, a more accelerated dynamic towards digitization and access to financial services has been observed. from an economic perspective, an efficient financial system supports the development of financial intermediation, financial markets and positively affects financial stability. the advancement of financial services towards the transformation of electronic payments ( non - cash transactions ) would contribute to increasing financial inclusion, increasing competition, reducing informality and increasing effectiveness, reducing costs, as well as providing quality services to citizens from financial institutions, as well as the integration of our citizens and businesses with the region and eu countries. in this regard, cbk is committed to : 1 / 3 bis - central bankers'speeches develop and create opportunities for access to the payment system of non - bank service providers, increasing competitiveness and enabling the possession of iban, to increase access to finance, within the concept of " payment account " ; develop the technical infrastructure for enabling fast payments 24 / 7, the creation of the national qr code and the standardization of the api for the interconnection