document to all of us. irrespective of our status as decision - makers, policy - makers, researchers, academics or journalists, the report provides ample information to further corroborate our analyses and conclusions. i invite you to further read the report and materialise its conclusions rationally and responsibly in your analyses for the present and the outlook of our economy, and beyond. thank you! 3 / 3 bis central bankers'speeches

emphasise that, notwithstanding the focus on the future challenges, the report shows optimism for the region. it notes that, unlike the other emerging economies, the presentation of productive industries will contribute to the increase of employment. also, the regional integration in industry has the capacity to generate growth of productivity, to better compete with the imports and contribute to the growth of regional exports. the institutional adoption and convergence is considerably important for the integration of albanian firms in the global output chain, and for strengthening their sophistication and specialisation in the global market. another potential for the transition to an innovation - based economy is “ the green economy ”, where the convergence capacity of the existing producing processes in other processes releasing less carbon may be considered as an opportunity for the further development of our region. regarding the future, the report assesses positively the reforms undertaken by the albanian authorities. the macroeconomic environment is assessed as stable and prospects show the positive growth pace will be maintained. trade, construction, transport and industry, as well as the narrowing of the deficit in the external sector of economy contributed most to the economic growth in 2017. at the same time, the financial system activity continued to reflect considerable improvement and showed good resilience to operational risks. the indicators of financial result, capitalisation and liquidity evidence the considerable improvement of credit quality and show the importance to continue the implementation of the measures undertaken by the bank of albania. 2 / 3 bis central bankers'speeches also, the report evidences that the projects and investments in infrastructure have contributed to economic integration of albania with regional countries, providing a positive effect on higher productivity and more opportunities. we assess that tap investment will provide positive effects on the energy infrastructure and will contribute to higher productivity through lower costs and covering the needs for energy capacities, thus reducing one of the structural weaknesses of the albanian economy ( the reliable supply with energy ). concluding, i would like to highlight the suggestions found in the report that it is now the time for the financial sector to focus on firms, as the basis for employment, innovation, productivity and economic growth. thus, the development policies should focus on the firms and their future, as a source of convergence growth. the economic development policies and priorities, at micro and macro level, should focus on : the improvement of the institutional and financial infrastructure ; the development of the capital market ; the investments in infrastructure ; and, the regional integration. * * * dear participants, the ebrd transition report 2017 – 18 is an important