supported by favourable financing conditions, a robust labour market and steady income and profit growth. finally, signs that the past euro appreciation is dampening export growth remain limited. extraeuro area export growth slowed down in the first two months of the year, albeit from very high levels. moreover, over the same period, extra - euro area industrial new orders continued to expand. at the same time, the sharp decline in some sentiment indicators relating to the export sector is a source of concern. it lends support to the view that risks relating to global factors – including the threat of increased protectionism – have become more prominent. inflation developments, however, remain subdued, and we have not yet met the governing council ’ s three criteria – convergence, confidence and resilience – for a sustained adjustment in the path of inflation, which is our stated condition for ceasing our net asset purchases. overall, 1 / 22 bis central bankers'speeches an ample degree of monetary stimulus remains necessary for underlying inflation pressures to continue to build up and support headline inflation developments over the medium term. hence, we must be patient, persistent and prudent in our monetary policy. the financial crisis that erupted in 2008 posed unprecedented challenges for central banks across the world in the pursuit of their statutory mandates. a main feature of central banks ’ response to the crisis was the deployment of additional, and in some cases novel, monetary policy instruments. one of these instruments was what ’ s known as “ quantitative easing ”. in the case of the euro area, this tool has not been used in isolation, but rather as part of a comprehensive package of complementary measures taken to combat the disinflationary forces that intensified in mid - 2014. our monetary policy has effectively contributed to euro area macroeconomic adjustment through the staunch pursuit of our price stability mandate. today i will first look at the impact of our policies on financial conditions and macroeconomic variables over the past few years, to illustrate their beneficial effect on the euro area economy. the correct measure of the efficacy of unconventional monetary policy measures has been the subject of some debate in recent times. in particular, the durability of the imprint that such unconventional policies have left on financial conditions has been called into question. overall, diverse empirical approaches to quantifying the impact of our package of measures support the same conclusion : the actions we took have had a strong and lasting effect on market conditions, and more importantly, achieved a potent pattern of propagation to the broad economy. we cannot

i am honored to be with you today, to inaugurate the opening of the new raiffeisen bank head office. your investment in this facility is a clear indicator of your commitment to continue operating successfully in kosovo's banking and non - banking systems, in the future as well. raiffeisen bank has played a very important role in creating a safe and sound financial system that has contributed to kosovo's economic growth. we are very honored with your presence and the success you have shown so far and we hope you will continue with this success in the future. raiffeisen bank has greatly contributed to the development of fair competition, continuous improvement of products and development of new products, by increasing access to finance, contributing to the development of trade relations with other countries, helping to attract more foreign investors and, as well, in improving the reputation of kosovo in general. we are thankful for this. raiffeisen bank has also helped in the development of human capital, and continues to use the potential of our youth. among other things, raiffeisen bank remains an example of a good employer, for which, we are all proud of. the cbk as a financial system supervisor will continue to work on maintaining a safe and sound financial system and will continuously improve the economic environment, in which the financial industry operates. the financial sector is a sector with great dynamic development and rapid changes in the economic environment that surrounds it. the financial systems of different countries are constantly integrating and this requires increased cooperation between these countries. the cbk remains committed to cooperating, with the aim of overcoming challenges in the future and integrating kosovo's financial system into the systems of developed economies. banks in kosovo, as in all other countries, have a special status in the economy. this status is associated with different regulatory requirements and greater requirements for social responsibility, and i am pleased to say that banks in kosovo successfully meet these requirements. today in kosovo our savings are safe and advancements in technology allow us to access them faster. banks are an example of success in kosovo, so i urge them to promote their success even further, in order to attract and increase foreign investments in other sectors as well. this would affect the economic development that is most needed for financial stability, as well as the further advancement of the banking sector in which raiffeisen bank plays a very important role. at the end, i would like to thank you for your contribution to the economic development of kosovo and wish you success in the future