g7, the g20, the financial stability board and the committee on payments and market infrastructures, particularly on crypto - assets and enhancing cross - border payments. we are also supporting the european strategies on digital finance and retail payments published by the commission in the final quarter of 2020 and especially the two flagship initiatives, namely the draft markets in crypto - assets ( mica ) regulation and the future digital operational resilience act ( dora ) regulation on operational risks in the financial sector. 2 / be involved as a participant in the evolution of payment systems however, adapting the regulatory framework will not be enough. at the banque de france, we believe we also need to be part of the evolution of payment systems by pursuing, at this stage, two goals : facilitate and experiment. as regards the first of these goals, we want to build on the major integration projects that have come before and promote the emergence of european initiatives that can strengthen europe ’ s payment market. right now, just one initiative looks capable of providing a satisfactory response to the challenges : the european payments initiative, or epi. with this initiative now under way, we feel that it is vital for epi to make good on its promises. on the experimental front, the banque de france is currently conducting a programme exploring the use of a central bank digital currency ( cbdc ) to settle interbank transactions, to assess to what extent and under what conditions such a currency could make the settlement of financial - asset transactions safer and more efficient, while at the same time preserving the fundamental role of central bank money in the proper execution of these transactions. the banque de france is also playing a very active role in the eurosystem work, under the aegis of the ecb, on a retail digital euro. an ecb report published in october 2020 said that the eurosystem should get prepared for the swift introduction of a retail digital euro should the need arise. the eurosystem held a public consultation that closed in late january, attracting over 8, 000 responses. the input from this will inform the meticulous examination of the reasons, consequences and prerequisites for the potential introduction of a cbdc that we are conducting. a first report will be presented by summer 2021 to the governing council, which will then decide whether to extend the analytical work by carrying out an investigatory phase. in the end, the challenge is to determine whether and in what way a central bank digital euro is necessary. key

not come into being following a specific event ; neither was it a by - product of an accident. central banking developed as a need of the countries to have an institution that would create and guarantee the supply of the economy with money. it followed the need to fill the treasuries of the kingdoms, which were emptied to fund military campaigns to expand their territories and colonies, to absorb the economic and financial crises shocks, and restore the economy to equilibrium. against this backdrop, the albanian central banking has a different story to tell. the wise man ismail qemali conceived the idea of a central bank based on the principle of freedom, which the albanians had been longing for in centuries. at the inauguration of the bank, he would say : “ i say, for albania, the bank is a second victory, after freedom, both in economic and political terms. ” whenever i read these words, i understand how simply ismail qemali managed to synthesise the necessity to consolidate the infant independence with a solid financial basis for a prosperous society. ismail qemali envisioned the bank as a financial institution that would give life to economic development and stabilization of the newly - independent state of albania. bis central bankers ’ speeches it is not a coincidence that in his speech, a few days after the signing of the concession agreement establishing the national bank of albania, ismail qemali said : “ from the day albania was fortunate to become a state among other balkan and european peers, it is entitled to have one and even more banks to ensure both overall credit as a nation, and individual credit for each albanian citizen. ” his visionary words are still relevant today. i am proud today, a hundred years later, that thanks to endless efforts we have a modern central bank that has the trust of the public and is capable to fulfil its mandate : price stability and financial stability. during the past twenty years, many women and men, mothers and fathers, young ladies and young gentlemen, or grandchildren of the first professionals, have contributed and continue to contribute wholeheartedly to the life of the modern and successful institution of the bank of albania. the characteristics of their work and contribution may be summarised in three simple words : dedication, professionalism, and integrity. i take this opportunity to thank the staff members of the bank of albania for their work insofar, and express my confidence that their dedication will continue to be unlimited in the future as well. the last economic and financial crisis showed that the role of