, signalling sluggish consumption growth and contracted investments. the performance of budget indicators reflected the expansionary fiscal policy pursued in the first half of 2013. as at august, budget expenditures were 9. 2 % higher than a year earlier, considerably due to the increase in capital spending. on the other hand, revenues performed poorly, registering an annual decrease of 3. 8 %, which materialised into the budget deficit being around 1. 3 times higher than a year earlier. the higher deficit is reflected in the further increase in public debt - to - gdp ratio to 63. 5 % at the end of the second quarter. the supervisory council notes that the adoption of a fiscal rule, which would effectively and transparently support the public debt sustainability, would be the right step toward lower risk premia and long - term fiscal policy discipline. the fiscal rule would also establish a consistent framework for drafting medium - term paths of budget expenditure and deficit, allowing in turn bis central bankers ’ speeches the simultaneous fulfilment of the cyclical needs of the economy and the long - term objective for fiscal stability. data on the external sector of the economy point to the negative contribution of external demand to economic growth in the second quarter of 2013, due to the increase in net export deficit by 1. 5 % over the same quarter. on the other hand, july data show that the trade deficit shrank 14. 6 % in nominal terms, driven primarily by the high annual increase in exports by 23. 9 %. despite the short - term volatility, the external position of the albanian economy remains one of its structural weaknesses. it reflects both the low competitiveness of albanian products in the global markets and the need for better long - term balance between savings and investments in the economy. the financial markets saw downward inflation and liquidity risk premia, and fuller transmission of key rate cuts to different market segments. interbank rates stood close to the key interest rate and showed low volatility. government security yields in the primary market dropped rapidly across all maturities, particularly on those with a longer maturity, hence smoothing the yield curve slope. interest rates on deposits decreased as well, whereas those on lek loans continued to show little response to the bank of albania's monetary stimulus. the full transmission of monetary policy signals to the credit market was subdued by the presence of high default risk premia, and banks and businesses'low risk appetite. consequently, lending to the private sector shrank 1. 5 % in

become at least as expeditious on nature - related risks as we are on climate. reaching net zero and saving nature requires the right combination of urgent, concrete and decisive government policies and a financial system aligning itself with these policies in terms of both grasping the related opportunities and managing the related risks. our network will continue to wield its leverage to green the financial system. for although finance alone cannot make the world green, greening the world without it is impossible. forests and finance are more intricately intertwined than ever and only together they can thrive. 1 / 1 bis central bankers'speeches