and financial instruments as well as the ability to manage personal and household finances, are crucial to achieve individual, and societal welfare. on the other hand, a well - informed financial decision of households helps central banks to accomplish their mandate in achieving price stability and safeguarding financial stability. a better understanding of monetary policy accelerates its effective transmission to the real economy. meanwhile, the quality of decisions for financing or investment has a direct impact on the stability of the whole financial system. the bank of albania has been intensively involved in financial education over the years and this long - standing experience has clearly identified the need for a coordinated initiative at national level up to the upgrading this objective to a reform level of crucial importance for the country. for this purpose, the bank of albania, driven by the requirements of other authorities, and of market stakeholders, considered as indispensable the drafting of a national strategy for financial education that you are also going to address in this meeting and the real outcomes in this regard are expected to become materialised very soon. we are confident that such a strategic document – tailored for the local financial education context – would help through joint and coordinated actions and resources of various stakeholders in increasing effectiveness of objectives for cultivating a financial literacy in the albanian society. i invite, therefore, all the participating institutions to engage and contribute actively to this 2 / 3 bis central bankers'speeches initiative. concluding, i sincerely hope that this npsc meeting will actively discuss and deliberate on various issues that need to be addressed about relevant topics. thank you for your attention! 3 / 3 bis central bankers'speeches

administration, but there is always the possibility of “ own - country - first ” policies reemerging and intensifying trade tensions. 2 / 9 turning to the domestic front, our economy ’ s structural weakness still poses a concern. while the low fertility rate and population aging constrain our economic vitality, discriminatory impacts from covid - 19 are aggravating the imbalances between sectors and classes. if the economy takes a k - shaped recovery going forward, small businesses centering on contact - based industries and people in the low - income bracket are very likely to be marginalized continuously in the process. the increase in the number of marginal businesses and the expansion of household and corporate leverage could act to weaken economic agents ’ capacity to deal with external shocks. under these circumstances with high economic uncertainties at home and abroad, we should provide unwavering policy support for households and companies so that they can overcome this crisis. while supporting the economic recovery through expansionary macroeconomic policy, we will also need to strengthen our targeted support for vulnerable groups severely affected by covid19, so they can recover even a bit more quickly. we must devote more efforts to preparing ourselves for the post - corona era as well. once the coronavirus crisis is over, it is expected that the transition to the ecofriendly and digital economy will be accelerated even further. we will need to take this structural transition as an opportunity to expand the dynamics for future 3 / 9 growth, and work to ensure we do not fall behind the global competition. we should focus our energy on creating an environment in which the private sector can wield its creativity and entrepreneurial spirit to the fullest extent, and more new enterprises spring up to serve as an engine for job creation. as for the unprecedented accommodative measures we have taken so far, we must think in advance about how and when we will normalize, in careful consideration of future developments of the pandemic, economic conditions, and the effectiveness and possible negative side effects of the measures. dear members of the bank of korea! let me talk now about the main tasks that the bank of korea will need to focus on this year. the domestic economy is expected to show a modest recovery going forward, but there is high uncertainty surrounding the future growth path and inflation is forecast to stay below our inflation target for a considerable period. therefore, monetary policy will need to remain accommodative until the economy is projected to maintain