not at the eye of the cyclone of the global crisis. yet, while at the periphery, the effects of the crisis became increasingly stronger on the region, as well. the decline in foreign demand, increased uncertainties, tightening of financing conditions and deleveraging in the region decelerated the economic activity and evidenced a series of structural problems. i would rather not list all the channels and consequences of the global crisis, but i would like to say that withstanding the crisis required revising many conventional policies and practices. first, central banks were obliged to explore untrodden paths. the intensity of the accommodative monetary policy was unimaginable a few years ago. oftentimes, this policy relied on employing non - conventional instruments, which had not been tested before, but now have a legitimate claim to be enlisted in the arsenal of central banks. second, to guarantee the sustainable and long - term development of the economy, special attention was paid to the financial stability aspect, both at system and institutional level. in this regard, a series of supervisory and regulatory policies were adopted. third, interaction between fiscal soundness and economic and financial stability became necessary, thus conditioning the space for action and reaction by public finances. lastly, many development models – relying more on debt and consumption, rather than in investments and productivity – proved to be short lived. these models have required and still require the continuation of radical structural reforms to reconceptualise business models in many countries and guarantee sustainable and long - term growth. while debates continue on the suitability and efficiency of the instruments used to withstand the crisis, it is unquestionable that – overall – these instruments managed to prevent the worst and gradually create premises for further growth of the global economy. the situation described above is true for the western balkans as well. the stimulating economic policies, structural reforms and adjustment of internal and external imbalances have yielded their effects. the economies in the region seem to be set on the growth path, and are now based on a better understanding of the determining factors for the long - term development, and a more comprehensive framework of endorsing policies. the experience gained and the lessons learnt are undoubtedly elements that will help us steer safely, as we navigate our way into the future. as a typical western balkan country, albania is in a similar development stage to its peers. our analyses and forecasts confirm that the albanian economy is on a positive track. economic growth is expected to improve progressively

coordination may only strengthen, if brexit implications assume the negative dimensions listed above. let me emphasise that, in bank of albania ’ s vision, the monetary policy oriented toward price stability, and the supervisory and regulatory policy oriented toward financial stability contribute to the sustainable and long - term development, and are complementary to each other. this creed is fully tested by experience, both in the world and in albania. in the long - term horizon, the bank of albania is confident that the investment we have made in promoting financial stability will bear its fruit with regard to sustainable development, and will increase the space for monetary policy manoeuvring. in addition, accomplishing our price stability objective would enhance the confidence in the national currency, reduce volatility and foster transparency in financial markets, thus contributing to the sustainable development of the financial system. meanwhile, in the short - term, the coordination of monetary policy and financial stability often present challenges and compromises. in this context, setting clear priorities, using the right instruments, and communicating transparently central bank actions and objectives are key elements for the success of our work. concluding, i would like to reiterate that i am fully confident that in the course of the day, all the issues i posed above will be elaborated in greater detail. i do believe that the contribution of the eminent panellists and active input from all participants will be an added value in this regard. i wish the best of success look forward with the greatest interest to the outcome of your deliberations. * * * thank you for your attention! 4 / 4 bis central bankers'speeches