euro area. we have persistently invited policymakers and economic agents in the country to partake in this vision. as the country ’ s monetary authority mandated to guarantee price stability, we have worked and will continue to do so to ensure a low - inflation environment. this environment boosts the guarantees for savers and investors for their long - term plans and provides for financial system development. the bank of albania implements a modern monetary policy based on the most advanced principles of central banking, and employs instruments and communication approach in line with ecb practices. the commitment of the bank of albania to maintain price stability is the polar star of our work. drafting and implementing the monetary policy independently, exclusively in the function of price stability, is one of the domestic anchors of the albanian economy, which should be preserved and strengthened. in parallel, the bank of albania deems that the albanian economy needs two additional anchors : financial stability and fiscal stability. our regulatory and supervisory function over the banking system, which accounts for 95 % of the financial system in albania, has proven successful in guaranteeing the country ’ s financial stability. this function has been carried out and is discharged in line with the international best practices, in constant cooperation with homologous institutions and other international partners. the possibility to have an integrated vision of economic and financial developments, and to combine but not mix the monetary policy with macroprudential measures, has enhanced the effectiveness of bank of albania ’ s actions, and has contributed to better achieving the two individual objectives : financial stability and price stability. the institutional regulation, which has proven effective and is in line with the latest global trends, should continue to function as a second anchor of domestic economic anchors. finally, the bank of albania deems that albania should immediately establish not only a clear and transparent fiscal rule, but also an effective one to discipline the fiscal policy and maintain the trust of financial markets in public finance soundness. this third anchor would complete the framework of domestic anchors of economic policy. together with the close cooperation with international financial institutions, it would provide a consistent and transparent framework for the country ’ s development. provision of liquidity and solvency of the albanian economy through bilateral and multilateral partnerships is a priority for central bank policies. this vision and partnership should become the axis of cooperation between national institutions. bis central bankers ’ speeches

that this conference will pave our way back to this target and help us to better forecast - and thus to prevent - future “ returns of inflation ”. thank you very much for your attention. i would like now to invite jacob de han of suerf for his welcome statement for example, c. f. schnabel ( 2022b ). c. f. chapter 16 ( “ the agony of peace ”, ger. “ die agonie des friedens ” ) in zweig ( 1942 ). 9 c. f. flash - eurobarometer 502, may 2022. this survey was conducted between 22 february and 4 march 2022. 37 % of all respondents mentioned the “ preservation of peace, the reinforcement of international security and the promotion of international cooperation ” as their most important expectation. references flash - eurobarometer 502 ( 2022 ). youth and democracy in the european year of youth. summary report. https : / / europa. eu / eurobarometer / api / deliverable / download / file? deliverableid = 81514 malmendier, ulrike and stefan nagel ( 2016 ). learning from inflation experiences. quarterly journal of economics, vol. 131, no. 1, pp. 53 - 88. malmendier, ulrike, stefan nagel and zhen yan ( 2021 ). the making of hawks and doves. journal of monetary economcis, vol. 117, pp. 19 - 42. schnabel, isabel ( 2022a ). the globalization of inflation. speech by isabel schnabel, member of the executive board of the ecb, at a conference organised by the osterreichische vereinigung fur finanzanalyse und asset management, vienna, 11 may 2022. schnabel, isabel ( 2022b ). looking through higher energy prices? monetary policy and the green transition. remarks at a panel on “ climate and the financial system ” at the american finance association 2022 virtual annual meeting, frankfurt am main, 8 january 2022. standard eurobarometer 96 ( 2022 ). first results. https : / / europa. eu / eurobarometer / api / deliverable / download / file? deliverableid = 81214 steinsson, jon ( 2022 ). u. s. inflation : outlook and policy response. intervention on the aea / piie policy panel in january