in – have been brought into line with international standards. [ 6 ] also at the international level, the fsb is currently evaluating the impact of too - big - tofail reforms. [ 7 ] a corresponding consultative report will be published in june 2020. footnotes : 1. this figure refers to lending to domestic households and enterprises. 2. the bundesbank estimates that house prices in german towns and cities were overvalued by between 15 % and 30 % in 2018. see deutsche bundesbank ( 2019 ), monthly report, february 2019. the fundamentals include per capita real estate holdings, per capita income, population density, and the age structure of the population. 3. see robert j. shiller ( 2019 ), narrative economics : how stories go viral and drive major economic events. princeton university press. oxford and princeton. 4. relevant indicators include, amongst others, aggregate debt as a percentage of household income as well as the percentage of household income needed to make interest and redemption payments. 5. see task force on climate - related financial disclosures ( 2017 ), final report, financial stability board. 6. in this context, the minimum requirement for own funds and eligible liabilities ( mrel ) was revised. 7. https : / / www. fsb. org / 2019 / 05 / fsb - launches - evaluation - of - too - big - to - fail - reforms - andinvites - feedback - from - stakeholders /

is, the positive effects of transparency may not be fully benefited if this information is not interpreted fairly by economic agents. this is particularly necessary for countries of a short history of market economy, where the degree of public involvement in the country ’ s economic life is still low. therefore, the bank of albania has been very aggressive in terms of designing and developing various programs for public education. numerous meetings with market participants, with financial and banking community, with the business, with the academy, with the media and beyond, with the public, have been regularly carried out and i assure you that they will continue with the same intensity even in the future. i would like to emphasise that the argument of transparency enhancement remains equally valuable also for the rest of financial system. transparency, without becoming an end in itself, and without damaging the achievement of final objectives of the business is a necessary market element for building confidence and expanding business relations, in products and volume, maintaining the financial system equilibrium and stability. in this framework, transparency should become a global concept of the financial market for products, services and actions taken by it. to this end, i would request from the banking system to further enhance its transparency with the public, particularly in terms of explaining simply and sincerely the products it provides, the commissions it applies, without leaving behind the publication in due time and quality of financial results, pursuant to legal obligations. in this context, i would like to let you know that the bank of albania will be rigorous in meeting all the obligations arising from the observance of laws and regulatory basis. as my friend eijffinger states : “ transparency seems to mean different things to different people ”, it is understandable that the debate remains open to both, academic and practical plane. new elements, quantitative indicators, empirical models are constantly added to it. the material to be presented today, adds a new value in this regard, with practical importance for central banks. i am confident that today we will have the opportunity and pleasure to expand our knowledge and consolidate our confidence in transparency effectiveness. i invite you to be full of attention for the presentation. honourable professor eijffinger, i thank you for accepting my invitation to present your research in tirana, and i wish you have a pleasant experience during your stay in albania.