particular attention, notwithstanding the current regime applied. the presentations on this issue by ms. m. peeters yesterday and by the experiences of various countries during today ’ s panel of the conference were very useful. fiscal domination remains a constant risk to price stability, as it came out of the experience presented here by mr. baschi ( turkey ). we hope that the commitment of the government for developing a better coordination of monetary and fiscal policies will continue in the future, as the minister of finance, mr. malaj stated in his speech. this idea was further elaborated on in the presentation authored by mr. hida and mr. haderi. dollarisation or fx may constitute another obstacle that places financial stability and monetary policy independence at risk, as argued by mr. driessen. therefore, it is a problem that needs attention. what inflation rate should be targeted remains a subject of debate. this concern was presented by mr. olters. the bank of albania is closely addressing this issue in a very prudential manner, so that it does not become an obstacle for economic growth. in light of the above difficulties for passing to a new regime, as stressed by mr. mayes, it is important to implement a robust strategy so as to avoid large mistakes. price stability, as stressed some times during the conference, helps economic growth. on the other hand, the second pillar of the bank of albania, the financial stability, is likely to play a more important role for economic extension. but, as mr. blejer stressed in his speech, stability should not be turned into an end in itself. a good regulated but undeveloped financial sector may be as ineffective as a deregulated sector. in order to make the basic policies in economy more harmonized and effective, i would emphasize that the banking system and the other financial institutions of the country should be more effective, open and supervised. in the final analysis, it is very important to create a real financial market, where all actors know the rules of game and obey them fairly, as it came out in the presentations of mr. niedermayer, mr. danielson, mr. pencapligil and mr. bunda. in conclusion, i would underline that the challenges ahead of us, on our way to development and integration, become easier when a spirit of cooperation exists not only within the country but also in the regional framework and broader. thanking you for your participation in this conference, i declare it closed.

emergency intervention function, the promotion of the development of the payment system, the increase of the banknote quality, the administration of the foreign exchange reserve, the improvement of statistics, the support of european integration, and the work to educate the public and improving communication with it. * * * dear ladies and gentlemen, the moment i am making this presentation is unusual. the covid - 19 pandemic and the measures needed to control it have dealt a severe blow to albanian families and businesses over the past three months. the albanian economy is expected to decline during 2020, a decline which will be accompanied by rising unemployment, declining household incomes, as well as deteriorating financial situation of businesses and increased non - performing loans in the banking sector. this blow required a quick and comprehensive response of the public authorities, both in terms of health and economic and social. in addition to fiscal easing measures, the bank of albania undertook a comprehensive package of measures to provide the necessary liquidity to the banking system, to boost lending and to control debt service costs. this package includes : 2 / 3 bis central bankers'speeches reduction to 0. 5 % of the key interest rate and unlimited supply of liquidity to the banking system ; temporary easing of banking regulations, to enable the temporary postponement of the payment of loan installments to customers in difficulty and the consensual restructuring of loans to customers with solid business prospects, helping business finances and increasing their chances of survival ; elimination of operating costs of the electronic payment system, in response to the increasing demand for this type of activity ; increase operational capacity to guarantee the supply of the economy with physical money. in response to these measures, financial markets continue to function normally, despite increased public sector demand for financing and increased uncertainty in the economy. they also enable and complement the fiscal package of the albanian government. in economic terms, coordinated fiscal, monetary and macroprudential measures have partially mitigated the negative effects of the pandemic. however, the challenges ahead remain serious. in our judgment, the albanian economy has the premises to successfully withstand this blow. however, this requires that all public actors and private sector operators make the right decisions, in a timely manner and in the most coordinated manner possible. coping with the shock is within our means, if each of us will do our best and if we continue to guarantee with priority the monetary and financial stability of the country. thank you! 3 / 3 bis central bankers'speeches