are basically family - run businesses, have a greater need to cooperate with non - bank financial institutions, due to difficulties they have in fulfilling the requirements for collateral or detailed financial documentation, criteria that banks require. this is another argument that leads to the logical conclusion that, in addition to own capital and bank credit, these enterprises would benefit greatly from other segments of the financial market. the low level of financial inclusion of the population is another element that prevents the deepening and expansion of the financial market in albania. latest data from the world development indicators show that only 38 % of adults have an account with a financial institution, while only 6 % and 22 % of adults have a credit card and a debit card, respectively. financial inclusion may not be increased only through the banking system. the financial system, especially the capital market and the corporate securities market should play a significant role in increasing financial inclusion. i take this opportunity to emphasise that, in addition to the need for expanding and deepening the financial market, it is necessary to increasingly pay attention to the management of risk that accompanies any financial investment. we are witnesses of a rapid technological evolution, which has practically eliminated physical boundaries, has eased access to electronic investment platforms, and has rendered very difficult the supervision and regulation of many innovative financial instruments that are traded in these platforms. the phenomenon of informality coupled with the speed of innovation in the field of financial instruments are a real risk for every investor that is naively driven by profit and does not stop to analyse the magnitude and nature of risk to which he is exposed. anyhow, inclusion should take place carefully, relying on specialised financial intermediaries and auxiliaries, whose activity is regulated and supervised by a legitimate authority in albania or abroad. dear participants, the depth and expansion of the financial markets determines the set of financial instruments eligible for trading, in a broad spectrum from the maturity perspective. these instruments are nothing more than consecutive steps in the monetary policy decisions pass - through mechanism. the whole process of instrument trading serves to determine the value of assets, the price of risk and savings, and, eventually, the propensity toward consumption, savings or investments. in this sense, the existence, completeness, and effectiveness of the financial market play a significant role in the monetary policy pass - through. this is the reason why the central bank places its focus on these markets and on their proper functioning. based on these specific reasons, the bank of albania has initiated, time ago

of the remaining presidents on a rotating basis. 3 in normal times, monetary policy is implemented through the purchase or sale of securities, which affects the supply of bank reserves and so has an effect on short - term interest rates. but monetary policy also works by influencing expectations of future short - term interest rates and thereby affecting longer - term rates and asset prices. central bank communications can help individuals, businesses, and investors formulate their expectations for interest rates and inflation in the future and thus influence their actions today. recognizing the importance of communications as a policy tool, the fomc has been engaged in a conversation about how we might better explain our framework for decision - making. in designing its communications, the fomc faces complexities that make clear communication more difficult than you might think. first, we need to explain the way we think about both parts of our dual mandate. establishing a target for inflation is a tool used by many central banks to anchor inflation expectations. central banks can establish such a target because, over the longer run, inflation is determined primarily by monetary policy. by contrast, the level of unemployment that would be considered to be consistent with maximum employment is influenced by factors other than monetary policy that may vary over time. the difficulty for the federal reserve lies in communicating clearly about the employment portion of the mandate without creating an impression that the committee is either establishing an unemployment target or ignoring that part of the mandate altogether. i do not believe that establishing an inflation target is inconsistent with a commitment to both parts of the dual mandate. on the contrary, it can help with thinking about and achieving both of our mandated objectives. for example, if having an explicit numerical target for inflation helps anchor inflation expectations over the longer run, then monetary policy will have greater flexibility to pursue the goal of maximum employment in the shorter term. the second complexity in our communication has to do with the nature of committee decision - making and the unusual voting structure of our committee. for example, when preparing for a committee meeting, i formulate my own outlook for the economy and opinions about the best policy path to follow. but i also rely on the committee discussion to help me decide whether or not to support the policy favored by a majority of the voting members. as long as it is within a range of policies that i would view as appropriate, and i don ’ t believe that the potential negative consequences outweigh the expected benefits, i will support the committee decision. now, consider the three different ways that i might communicate