sector to adopt such a temporary adjustment. ms. lagarde, managing director of the international monetary fund, appealed that in the current situation, the goal of the private sector cannot be only profit ; it must also be to add value, create jobs, develop the new ideas that drive an economy forward and provide stability. boosted employment and higher income from employment means more consumption and investments, higher consumer demand for goods, services and lending instruments. the private and financial sector should be accountable to the real economy : a private sector that supports employees and consumers, and a financial sector that adds values instead of destroying them. concluding, i would like to share with you an important message : the crisis came in as a global crisis and its solution should come as such. however, each country should do its homework and undertake the necessary structure reforms to overcome it. people only accept change in necessity and see necessity only in crisis – said jean monnet, regarded by many as chief architect of the european unity. thank you and success in your work! bis central bankers ’ speeches

shkelqim cani : the monetary programme of 2004 - its cohabitation with the fiscal policy discussion by mr shkelqim cani, governor of the bank of albania, in the parliamentary commission of economy, finance and privatizations, tirana, 15 december 2003. * 1. * * 2003 in figures the albanian economy during 2003 seems to have returned to its potential growth rates, leaving behind the deceleration of 2002. various indicators generally point out that the economic growth forecast for 2003 - of about 6 percent - is a real opportunity. developments such as : stability in the agricultural production, the positive performance in the branches of services, industry and transport, the increase of the trade transactions volume verified in the first 6 months of the year, the greater number of tourists, the stable and favourable energy situation, stability of remittances and other factors, are reliable arguments in achieving the economy growth objective. 2003 is believed to mark another year of the consumption price stability. as in the 3 - 4 previous months, the bank of albania ’ s expectations speak about an annual inflation rate within the target interval of 2 - 4 percent. according to the latest data, the 12 - month difference of consumption price index by the end of november 2003, marked the figure of 3. 4 percent, while the annual inflation, calculated as the average of the last twelve months, reached the level of 2. 24 percent, reinforcing thus its clear downward trend. the bank of albania - in its recent analyses - has been underlining the fact that its monetary policy has been a careful, financial, budgetary policy, where special emphasis has been given to the budget expenditures control versus the realized revenues ratio. consequently, the government ’ s liquidity needs, up to the present moment, have been completely covered by the banking system, and therefore, the bank of albania financing was unnecessary. under these circumstances the fiscal pressures on the monetary policy are weak. following this reasoning, it could be concluded that the move of both policies ( monetary and fiscal ) has been in harmony and in conformity with the general economic - financial development program of the country. domestic budget deficit financing from the banking system during 2003 is estimated to be almost at the same level as the one of 2002, being about 2. 2 percent of the gdp. the stable level of the internal government borrowing, facing the rapid increase of lek deposits, was another factor, which influenced the immediate reduction of treasury bills interest rates. the monetary policy