gent sejko : signing the inter - institutional cooperation agreement on currency protection against counterfeiting speech by mr gent sejko, governor of the bank of albania, at the ceremony of signing the inter - institutional cooperation agreement on currency protection against counterfeiting, tirana, 17 january 2023. * * * honourable minister cuci, honourable prosecutor general cela, dear participants and media representatives, it is a great pleasure to welcome you on behalf of the bank of albania in the today ceremony of signing the inter - institutional cooperation agreement between the ministry of interior, the prosecutor general's office and the bank of albania. this agreement marks the completion of a voluminous work started five years ago, with the intensive contribution of the representatives from our three institutions. though citizens are increasingly using e - payments, cash remains indispensable and plays a crucial role in the life of everyone. banknotes and metal coins are the only form of cash that may be owned and used directly by everyone, without the need of infrastructure, intermediate institutions or systems. the bank of albania is the sole authority vested with the exclusive constitutional right to issue banknotes and coins of legal tender in the republic of albania. one of the main functions and institutional responsibilities stipulated by the law on the bank of albania, is to maintain the integrity and public confidence in the national currency as a payment instrument. the prevention and protection of currency against counterfeiting is a common challenge for all relevant national authorities. thus, this agreement, which aims at achieving the joint commitment and coordinated activity amid them, is considered the appropriate and more effective way to prevent, detect and respond in a timely manner to the counterfeiting phenomenon of currency in albania. the central bank, as the sole authority to issue the national currency, has undertaken concrete steps to prevent counterfeiting and maintain public confidence in our national currency, lek. in 2019 – 2022, the bank of albania issued and put in circulation the new series of albanian banknotes, produced with cutting - edge technologies for banknote printing, with new security features, making them safer against counterfeiting. recent data show a considerable drop in the quantity of counterfeit banknotes in circulation. in 2022, the total amount was only 343 counterfeit banknotes, from the average quantity of banknotes in circulation amounting 157. 7 million banknotes, or 2. 2 counterfeit banknotes per 1 million banknotes in circulation, from 5. 4 in 2021. with

- 1990s, when the inflation - targeting regime was relatively new, lars e. o. svensson, who was then scientific adviser to the riksbank and later a member of the executive board, argued that the debate often lacked structure. at the swedish economics associations ’ proceedings in february 1996 he called for each debater to answer the following questions explicitly or implicitly : ( i ) do you apply the same inflation target as the riksbank, or another inflation target, or any other target? ( ii ) do you make the same forecast as the riksbank or do you make a different assessment? ( iii ) do you know of a better way of attaining the target? 13 these questions appear as relevant today as they were twenty years ago. secondly, i have discussed how one should view a situation where it takes longer for inflation to attain the target, despite the riksbank doing everything it can to avoid this happening. this is not a situation we expect to find ourselves in, but there is nevertheless reason to seriously consider and examine it. if such a situation were to arise, it would very important to clearly communicate that the inflation target has not been abandoned, to prevent long - term inflation expectations from falling excessively. as the central bank determines inflation in the long run – inflation is a monetary phenomenon – there are also good reasons for expectations of long - term inflation to remain in line with the target. this is important to maintain a smoothly - functioning price - setting and wage formation, but also for monetary policy to be able to counteract future economic downturns. communicating this is a difficult but hopefully not impossible task. references alsterlind, jan, armelius, hanna, forsman, david, jonsson, bjorn and wretman, annalena ( 2015 ), ” how far can the repo rate be cut? ”, economic commentary, no. 11, sveriges riksbank. ball, laurence m. ( 2014 ), “ the case for a long - run inflation target of four percent, ” imf working paper, wp / 14 / 92, international monetary fund. 13 ekonomisk debatt ( 1996 ). 12 bernanke, ben s. ( 2016 ), “ modifying the fed ’ s policy framework : does a higher inflation target beat negative interest rates? ”, blog post, brookings, 13 september. blanchard, olivier, dell ’ ariccia, giovanni and mauro, paolo ( 2010