i would like to emphasize that this increase in labor supply has boosted employee income overall and has had a positive effect on economic growth. this " dual structure " of the labor market has important implications for predicting future wage trends. the reason is that the wage formation mechanism differs depending on the type of employment ( chart 10 ). in particular, the degree to which wages respond to labor demand differs substantially between regular and non - regular employment. labor market conditions for both regular and part - time employees have been tightening consistently over the past decade, excluding the early phase of the pandemic. over the past decade, hourly wages for part - time employees have continued to register a relatively high increase, at an average rate of about 2 percent, while wages for regular employees have only grown at a very modest rate of less than 1 percent. this difference is due to differences in job mobility in the two types of employment. in the case of non - regular employment, wages tend to reflect labor market conditions due to the high degree of job mobility. on the other hand, job mobility in regular employment is generally considered to be low due to long - term employment practices. furthermore, another aspect of regular employment is that the experience of the weak economic growth that followed the collapse of the bubble economy led both labor and management to prioritize maintaining employment, resulting in restrained wage increases. the fact that wages of regular employees, who account for the larger share of total employment, have not risen so high is also a factor that restrained overall wage growth from a macroeconomic perspective, despite a tightening of labor market conditions. differences in mobility can also be found across firm sizes, industries, and age groups ( chart 11 ). 2 for example, regular employees in small and medium - sized firms are more likely to change jobs in search of better working conditions than those in large firms. because of the higher degree of job mobility at small and medium - sized firms, wages tend to be more responsive to labor market conditions. in fact, while wage levels of regular employees at large firms have been more or less unchanged, those at small and medium - sized firms have been rising clearly. similar trends have been observed in the face - to - face services industry, where small and medium - sized firms account for the larger share of total employment, and among younger workers, for whom job mobility is high, including somewhat recent graduates who are looking for a new job. outlook for wages bearing in mind these features of japan's labor market, i

##ly adopted by the bank of albania, allows the albanian economy to withstand these shocks at minimum cost. let us leave this mechanism operate smoothly, without excessive reactions from the market or its agents. any smooth moves towards the exchange rate equilibrium will be in the albanian economy ’ s own interest. any hasty short - term reactions, like the ones we have been attesting to over the course of the present year and in the early days of this week, bring about individual financial cost to those undertaking them, as well as financial cost to the economy. no economic agent is stronger than the foundations. the high volatility and uncertainty in the foreign exchange market do not have any real base. the euroisation of the economy is a visionary idea, not only for albania but for the entire region as well, since its final aspiration is the membership into the european union. it encourages the domestic and the regional market, and the european authorities, to speed up the convergence process. however, convergence in the euro area is a derivative of continuous structural reforms and strengthening of financial systems, wherein the stability of the currency is of prime importance. there can be no european integration without a longterm equilibrium of the national and european currency. in the long run, the exchange rate will inevitably reflect the sound foundations of the albanian economy, which are to remain so. the past years ’ equilibriums remain real indicators of the potentials of the albanian economy. in the long run, we remain deeply convinced of the benefits the free floating exchange rate regime brings about. it will be the passport to and the best support to the albanian economy in its path to european integration. i take this opportunity to invite all the economic agents to consider the benefits, that our national currency provides, impassively, as the best long - term instrument for protecting their savings and as the greatest buffer to wealth volatility. to albania, the lek has been, is and will remain a successful currency. the lek serves as an anchor for all our european initiatives. in the last 17 years, the lek has managed to withstand the inflationary pressures and the pressures deriving from the foreign markets. therefore, it should be left alone. it should move freely on its path, concurrent with the market demand and supply. the lek is the icon of the albanian economy that will guide us through the european gates. i take this opportunity to invite the media to comprehend this message and transmit it to the public at large. before giving the