requires, may restrict home ownership possibilities for some low - income groups. the bubble we have experienced should be a reminder to us that the alternative is much worse in the medium term for everybody. i am sure that we will agree that runaway growth in prices is the main factor that ultimately restricts the affordability of home ownership. in sum, banks perform an essential function in the economy. but to be able to provide the best service to society they must adhere to rigorous management principles, acting responsibly at all times. conclusions. let me conclude by once again thanking adicae for their invitation. i am certain this conference will be successful, giving the significance and topicality of the subjects on the agenda and the calibre of the speakers. if you will allow me, i would ask that this conference, as well as discussing past conflicts, should also reflect on the banking sector ’ s role in support of firms and consumers in the difficult setting shaped by the covid crisis. i think it would be good to try and learn from past errors and to attempt to put this climate of customer - bank confrontation behind us. we are ultimately all in the same boat, and we should exit this crisis together. thank you.

ardian fullani : preconditions for inflation targeting in albania ( opening speech ) greeting speech by mr ardian fullani, governor of the bank of albania, at the open forum “ preconditions for inflation targeting in albania ”, tirana, 1 - 2 december 2005. * * * ladies and gentlemen, it is with great pleasure that i welcome you to the open forum “ preconditions for inflation targeting in albania ”. i am extremely pleased and proud that i have the honor to welcome so many distinguished national and international guests. for the bank of albania it is the first time to organize an event of this character and with so many distinguished guests. i am very grateful that you accepted my invitation and warmly welcome you. i look forward to hearing your comments on the proposals that bank of albania will be presenting today and tomorrow. there will be ample time to hear all your comments and to exchange ideas on albanian policies. our main theme in this forum is concerned with the principal objective of the central bank. according to our central bank law the principle objective of bank of albania is to achieve and maintain price stability. the regime we are going to discuss here for achieving this objective is inflation targeting. our present formal monetary policy regime is called a heterodox monetary targeting. but within the central bank we use even different names for it. some call the monetary regime a “ two pillar ” approach as it has features of monetary and inflation targeting. often also, the current regime is already referred to as inflation targeting. under the present monetary policy regime bank of albania adheres to a monetary program. monetary policy aims at administering the money supply and interest rates with the view of achieving price stability in the short to medium term. the exchange rate is freely floating. bank of albania is considering to move to a fully fledged inflation targeting regime. based on available information today, we consider this regime to be a good choice. we envisage moving smoothly to this new framework within a realistic time frame. i say here deliberately smoothly. many steps have to be made gradually in time. furthermore we have to analyze carefully all the new information that will become available to us. the main reasons for adopting inflation targeting concern ( more ) transparency and ( more ) credibility. the central bank wants to move to a more transparent monetary policy regime with a strong anchoring of expectations over the medium term. according to bank of albania, inflation targeting is considered to be the appropriate monetary policy regime for albania in these respects.