timing of this near - term monetary policy tightening. these actions will get us into the second half of the year, when we will have six months of inflation data, and we can assess what the appropriate path will be for the rest of 2022. our goal is a soft landing for the economy that keeps output and employment growing at a healthy pace and inflation moving toward the fomc ’ s 2 percent objective. 1 these views are my own and do not represent any position of the board of governors or other federal reserve policymakers. 2 in december, i discussed lessons from the pandemic for economic forecasters, which included a review of forecasting misses for output and inflation. see christopher j. waller ( 2021 ), “ a hopeless and imperative endeavor : lessons from the pandemic for economic forecasters, ” speech delivered at the forecasters club of new york, new york, december 17. 3 see waller, “ a hopeless and imperative endeavor, ” in note 2. 6 / 6 bis central bankers'speeches

vis - a - vis the euro and the usd. the bank of albania considers that the balance of factors affecting the exchange rate seems more stable for 2010. the bank of albania continued to inject the required liquidity in january in order to buttress its interest rate cut move and the relaxation of monetary conditions in october 2009. these injections were followed by the decline of interest rates in the interbank market, the decline of the government t - bill yields and the downward all loans and deposits ’ interest rates. the interbank market attested to the further increase of trading volumes signalling the efforts for a more effective liquidity management by the banking system. the recovery of lending will substantially condition the performance of the albanian economy over the following period. its recovery will push the demand for borrowing by the economic agents and at the same time will provide more favourable lending conditions by the banking sector. the bank of albania has taken the proper measures in this regard, supplying the banking system with appropriate liquidity and taking the necessary measures to lower the borrowing cost. however, it expects a more complete reflection of these measures by the banking system. we believe that, without prejudice to the best and prudent lending practices, there is room for a more encouraging behaviour of the banking system in terms of boosting consumption and private investments in economy. * * * after discussing the current and expected economic performance, the supervisory council of the bank of albania concluded that the inflationary pressures will mount in the short term ; however they are expected to quickly fall in the medium term. the slower money growth, the low domestic demand, the moderate growth rates of economic activity, the low capacity utilization by businesses and the stable inflation expectations will balance the pressures exerted by the exchange rate and higher administered and foreign prices. the bank of albania has been carefully monitoring the economic and financial situation in the regional countries and their expected performance in the future. the possible implications for the albanian economy through the trade and financial channels remain at the focus of our analysis. considering the economic situation and political realities in the euro area ’ s economy, we conclude that the transmission of these concerns to other economies will be contained. moreover, the bank of albania believes that the albanian economy enjoys firm macroeconomic balances, sufficient to cope with all potential shocks over our economy. in conclusion, the supervisory council decided to keep the key interest rate unchanged at 5. 25 percent. this decision helps to maintain and consolidate the macroeconomic balances further, considering macroeconomic stability key precon