general, and their managers ’ role and integrity in particular. identification of weaknesses requires investigating, taking administrative measures, and making legal and regulatory changes to solve the problems. to this end, several initiatives were launched, including : establishing a credit register ; creating the financial stability department ; conducting prudential supervision ; creating a regulatory base for protecting albanian consumers ; and, undoubtedly, public education. the latter, in particular, is a very important issue constituting one of the cornerstones of the financial stability and of the central bank ’ s monetary policy success. a financially educated public makes fewer mistakes in financial decisions and reacts swiftly and predictably to economic developments and policies pursued by a central bank and other authorities. therefore, financial education of the public has been and remains a priority of the bank of albania. individual decision - making of households and businesses should be assessed as much as the meeting of inflation target or the maintaining of financial stability. this assessment is supported by the fact that individual choice based on financial literacy and good interpretation of economic information provides benefits to the whole society. financial literacy is essential from the point of view of individuals and social welfare. it should be seen as a public good that contributes to strengthening of stability, efficiency of economic policies, but above all, it increases individual ’ s financial welfare, and hence the overall economic welfare. this is why the bank of albania has adopted the slogan : “ education costs, but it is priceless. ” the bank of albania ’ s approach to financial education has been focused on three directions. first, promoting deep knowledge and awareness of basic economic and financial concepts ; secondly, knowledge of the bank of albania, its role and policies, and its decision - making ; third, knowledge of economic information and its interpretation. the bank of albania started financial education to the public by communicating openly and actively with various groups of interest. bis central bankers ’ speeches our experience shows us that financial education should be an integral part of our national strategy. consequently, seeking the cooperation and understanding of the albanian government ( the ministry of education and science ), the bank of albania has become an initiator for defining financial education strategies, policies and practices in the education system. the bank of albania has played an active role in preparing the teaching programs, implementing and coordinating the teaching process, so that students perceive financial education as part of high - school education curriculum. this activity is a special and significant contribution that the bank of albania has made to financial education. it is crowned with the publication of

a positive impact on the country ’ s macroeconomic, technological and institutional area. the banking system ’ s stage of development and the fdi flows in economy have mutual influences on each other. hence, if albania attracts stable and long - term fdi flows in the following years, their impact on the further development of the financial system will be considerable. furthermore, the demand for banking products both from domestic and foreign companies will grow.