help businesses survive and save jobs. banks and pension companies can contribute by securing access to funding for businesses and helping households survive the worst times. in this comprehensive national effort, banks operating in finland can also be expected to participate fully, particularly as their capital requirements have just been eased and the terms of credit obtained via eurosystem refinancing operations are now very favourable. * * * but, of course, the central banks also have their own responsibilities and mandates. 4 / 5 bis central bankers'speeches the key issue is to secure the financing of companies and households. this is the aim of the ecb ’ s extensive measures, the bank of finland ’ s purchases on the corporate commercial paper market and the financial supervisory authority ’ s decision to lower capital requirements. in europe, the pandemic is a problem for everyone. the difficulties are not the result of reckless economic management in any country. what is needed now is european solidarity. this pertains to both the ecb ’ s activities and the management of the public finances. a common fiscal stimulus is also in finland ’ s interest. the current crisis is global and also concerns a wide range of finnish businesses, employees and households. in responding to the crisis, cooperation is of paramount importance : cooperation between central banks, cooperation between european countries, and cooperation between domestic policymakers. finland has in the past come through even more difficult situations. i am confident that, despite the need to keep a physical distance from each other, we in finland are ready and able for such national cooperation as is necessary to overcome this crisis and alleviate the damage following in its wake, in a just and fair way. thank you! 5 / 5 bis central bankers'speeches

sector has already turned into a stable business partner for albanian households, supplying them with the necessary funds for the expansion of activity, providing reliable instruments for maintaining their savings, as well as by constantly expanding the range of financial products and payment instruments. our analyses suggest that systemic risks remain contained, while the high level of capitalization and liquidity provides a significant buffer to withstand shocks. dear ladies and gentlemen, the good resilience of the albanian economy in the face of the ongoing crises of recent years is an evidence, first of all, of the dynamism, flexibility and sound balance sheets of albanian businesses and households. however, in parallel with them, it also reflects the appropriate reaction of monetary, financial and fiscal policies, as well as the fruits of the continuous structural reforms that we have undertaken in the real and financial sector of the economy. 2 / 5 bis - central bankers'speeches in this context, allow me to elaborate on the main directions and results of the work of the bank of albania throughout 2022. the augmented intensity and the expanded base of inflationary pressures during the past year dictated a change in the monetary policy stance. in fulfilment of our legal mandate of price stability, the bank of albania undertook a normalization of the monetary policy stance. the rise in the interest rate to 2. 75 % as at end of 2022 from 0. 5 % at the beginning of 2022, led to the realisation of this normalisation. in parallel, we have intensified communication with markets and public, re - affirming our will to take all the necessary measures for inflation return to the target and to clarify our monetary policy strategy. this strategy is based on three important principles : first, the normalisation of monetary policy stance was and remains necessary for inflation to return to the target in a steady manner. the purpose of this normalisation was to curb the pass - through of rising international prices to the overall and steady surge in prices in the albanian economy. in this context, it remains in line with the reaction of the other central banks. second, the speed and intensity of normalisation has been a prudential process, guided by the new information and harmonised with the fiscal policy direction, as well as with developments in the financial market. in this view, i would like to highlight that the reaction of our monetary policy has been - on one hand sufficiently strong to guarantee the return of inflation to the target, within a reasonable time horizon, and - on the other