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!

ardian fullani : the importance of economic research speech by mr ardian fullani, governor of the bank of albania, at the workshop “ economic research in south - eastern europe ”, tirana, 15 november 2007. * * * dear ladies and gentlemen! it is a great pleasure to be here today and open the proceedings of the workshop “ economic research in southeast europe “. first, allow me to express my thanks to the representatives from the respective central banks for their participation in this workshop and all the other guests present today. let us hope that this workshop will serve as a catalyst for a more intensified exchange of experiences among our region in the field of economic research. this process is of special importance with a view to improving the standards of economic research and for enhancing our know - how in this area. undoubtedly, timely and accurate economic research is vital for undertaking more sound economic policies for boosting a stable and non - inflationary growth and for coping with various risks under a dynamic and rapid integration of our economies. from a central bank ’ s viewpoint, economic research should aim at reaching an optimal balance between the significance to the monetary policy or financial stability, their quality and timely availability. when compared to the academic economic research, a central bank ’ s economic research should manifest the same quality, but be positioned on assisting the monetary policy decision - making process. otherwise, their added value is overwhelmingly reduced. the role of research in the monetary policy decision - making process becomes even more important under the inflation targeting regime that the bank of albania will fully adopt in the near future. economic literature defines inflation targeting framework, inter alia, as “ comprehensive and multi - dimensional information, analyses and statistics ”. as in many central banks which adopt the inflation targeting regime, the bank of albania has oriented its resources for economic research, mainly to understanding the process of inflation and of its forecasting, and to understanding the transmission mechanism of monetary policy. the building of a macroeconomic model for the albanian economy is of special importance to the economic research of the bank of albania. moreover, issues related to the real, foreign, financial and the fiscal sectors, as well as other issues related to the improvement of economic statistics are in focus. undoubtedly, the constant improvement of economic research, of their ethics, quality and significance to monetary policy should be of high priority. the bank of albania is conscious of the fact that research in the abovementioned areas should be further consolidated. dear friends! allow me to state my opinion that