fiscal stimulus policies, aimed at increasing the support to the real economy and the financial system. monetary policy followed an easing trend, cutting the interest rates and satisfying the interbank market needs for liquidity. back to albania ’ s case, i would like to emphasize that our experience in absorbing the impacts of the crisis proved successful. albania, i think, is one of the countries that : did not experience any bank failure or capital injection by the state ; courageously withstood the crisis of confidence in the banking system, where financial intermediation was never interrupted ; the economy continued to grow in positive terms, albeit at a slower pace ; inflationary expectations remained anchored throughout all time. during this period, the albanian banking sector continued to increase its lending to the economy, albeit at lower paces. difficulties added to the real sector of the economy and the exchange rate depreciation by about 12 % in 2009 were followed by decreased credit quality and increased bank provisions to face the credit risk. distinguished participants, the pre - crisis phenomena and those that occurred in 2008 – 2010, offer a valuable experience to economic actors and public authorities of each country in our region. not to mention all, i would like to dwell only on some of them, which i consider important for enhancing the sustainability of our economy and of the financial system in the future. first, the region needs a better balance in the factors supporting the sustainable economic growth. i think that the public authorities should assign priority to increase in investments and implementation of stimulus policies for developing the competitive sectors. in this way, the country ’ s export capacity would grow by creating better conditions for a sustainable improvement of the external balance of our economy. bis central bankers ’ speeches second, closely related to the first issue, i would highlight the need for undertaking and deepening the structural reforms. this strategic objective remains a constant priority for each of our economy. their focus should be comprehensive, meaning further adaptation of legislation, improvement of infrastructure, full privatization of public assets, improvement of the business climate, deepening and broadening of the financial market, comprehensive reform in pensions, as well as a number of other actions which i can not mention here because of objective reasons. i think that the inflow of foreign direct investments remains our major target. without them the region would remain small, fragmented, with a low development, social and economic potential, with sporadic exports, with premature markets and high costs, or in other words, with a low productivity. personally, i am of

in the brics community play an important role in the g20, in shaping global economic policy and promoting financial stability. 4. the future role of brics following an impressive performance in the aftermath of the global financial crisis, brics countries have recently started to slow. in this respect, there seems to be an awful lot of doom and gloom bandied about the brics in some quarters. some have referred to the brics bubble bursting, others have noted that brics “ instead of propelling the global economy into calmer waters, now risk capsizing it ” and others question “ why the mighty brics nations have broken? ” this slowdown has been reflected in a number of areas. exports from brics to developed markets and investments into their respective economies have declined, while the collective contribution to global growth has fallen from a peak of nearly 50 per cent in 2013 to around 36 per cent in 2015 6. real gdp growth of brics, which was over 8 per cent in 2010 declined to just over 4 per cent in 2015. in addition, the local currencies of brics, with the exception of china, has experienced varied levels of volatility following the onset of the global economic crisis. as christine lagarde noted in a recent speech 7 there have been three particular challenges confronting the global economy and also the brics countries. first is china ’ s growth transition and the rebalancing of its economy from industry to services, from exports to domestic markets, and from investment to consumption. in the short run, this will lead to slower growth with spill over effects through trade and lower demand for commodities. global trade, which fell to 20 per cent below its pre - crisis trend, was driven by sluggish growth in advanced economies, and the maturation of global value chains which has further reduced the elasticity of trade flows to economic activity and exchange rate changes. furthermore, higher capital requirements and tightened financial regulations have reduced banks ’ willingness to extend trade finance, and the pace of trade liberalization slowed. secondly, declining commodity prices has placed many commodity - exporting emerging economies under severe stress with very large currency depreciations in some cases and has set back growth in commodity - exporting brics. third, asynchronous monetary policies has contributed to an appreciation of the u. s. dollar, putting considerable strain on emerging market currencies. meanwhile, net capital flows to brics have undergone significant bouts of volatility, which