the importance of accurate estimation of capital inflows in the form of emigrants ’ remittances. for better statistics we have been assisted by imf missions to bring the methodology in defining remittances closer to the international standards. also, there is a close cooperation with our main economic partners, italy and greece, as the main destinations of the albanian emigrants, to harmonize our methodologies in order to improve the estimation accuracy of remittances. the report of the world bank on the italian - albanian corridor is also a great contribution to improve our understanding of remittances, and on behalf of the albanian authorities i express our gratitude for this support. second, formalizing the inflow of remittances is a very important moment. more than half of remittances enter the country through informal channels. our surveys show that the bulk of remittances to albania are channeled through unofficial sources ; physically brought by the emigrants ( 59 percent ), friends and relatives ( 23 percent ). this is partially a reflection of the short geographical distance between the two countries. however, this high flow of remittances through unofficial channels also asks for actions to make official channels more attractive in terms of efficiency, safety, cost and anonymity. as the study team has found out, emigrants in italy have a high banking utilization rate – more than 50 percent have bank accounts. on the albanian side, this figure drops to less than 20 percent. emigrant families ’ access to banks is suboptimal despite the considerable geographical expansion of commercial banks in recent years. in contrast with other remittance - receiving countries, banks in albania still have only a small market share in remittance services. however, there are encouraging signs of demand for new technologies, innovative partnerships and entry points to reach disadvantaged groups. the high fees of the money transfer applied by the banks are often brought up as a motive why individuals do not prefer this service. nevertheless, there is already an albanian commercial bank, which offers transfers from italy to albania without charging any fee for amounts up to 250 euros a day, when the average monthly delivery of emigrants usually ranges from 100 to 150 euros. in the meantime, there are several other banks that provide the same service for transfers from greece. actually, we are examining the possibilities to lower the transfer costs through broader bilateral agreements between the two countries. even though, money transfer companies provide transfer services at reasonable rates with a

the crisis, countries around the world, assembled in the g20, took the lead in hammering out a firm package of financial reforms. in a fragmented world, such a swift response is becoming more complicated. this could prove costly. that's because the most important challenges to financial stability that we currently face are precisely the cross - border issues that we can only solve if we work together. the clearest example is the energy transition. this is an area where geo - economic fragmentation could be particularly damaging. access to commodities, raw materials and products for energy generation is essential for the energy transition. there is a high concentration of suppliers of these goods. for many countries in europe, china is the main supplier of energy transition goods, such as solar panels and lithium batteries. the same holds for the supply of critical and strategic raw materials. these are mainly sourced from non - eu countries. think of russian nickel, copper and cobalt. hence, a global approach and multilateral cooperation remain key as we move forward with the energy transition. we also continue to need a global approach to financial regulation. for example the regulation of non - banks, the so - called nbfis. this sector has shown tremendous growth and now represents more than 50 % of the global financial sector. its significant cross - border interconnectedness requires that regulators worldwide work together on this issue. another example is the regulation of crypto assets. a number of incidents over the past years have highlighted the vulnerabilities in the crypto - asset ecosystem. these vulnerabilities also require a consistent international regulatory approach based on the principle of'same activity, same risk, same regulation '. if we do not work together, we risk a race - to - the - bottom dynamic where crypto dealers are located in the least regulated regions, but spark problems elsewhere. so a global approach is key in many of the challenges we face. but at the same time, we need to be realistic : geo - economic fragmentation is already underway. policymakers face difficult trade - offs between dealing with geopolitical security concerns and minimising the costs of fragmentation. what we need are pragmatic approaches that preserve the benefits of free trade to the greatest extent 3 / 4 bis - central bankers'speeches possible while also safeguarding international cooperation aimed at solving global challenges. what does that mean for eu policies? first of all, a strong europe is more important than ever. our internal market can at least partly protect us from adverse developments