variety of monetary regimes, abrupt swings in economic, politic and philosophy systems, and modern economics was amazingly refreshing, interesting, and thought - provoking. it certainly deserves more attention. our traditional approach to research has largely contributed to our understanding of monetary and financial stability issues and models with a large set of parameters, forecasts and shock analysis. it has enriched the envelope of models and methodologies that are available in the process of policy design and implementation and has increased our confidence. however, it is time to go deeper in the understanding the fundamental of economic behaviour as an individual and social phenomenon. this understanding requires, among others, proficient research in economic history and economic behaviour and economic welfare. i reiterate you do not have to do this alone and isolated. international scientific collaboration allows for increased access to research resources and infrastructure. teaming up with professionals with complementary skills, benefitting from knowledge generated beyond boundaries is a modern and effective endeavour. we hope this workshop as well as other conferences and activities we are hosting throughout the year will contribute to this end. i wish you great success during the workshop proceedings and in your everyday efforts. it is my hope that getting to know each other ’ s work will lay the foundations for further future cooperation. thank you! bis central bankers ’ speeches

##rupulous critique at the bank and outside it as well as for the research community. always be reminded that when your research and analysis have potential effects on other people ’ s lives. i sincerely invite you to adopt this spirit of cooperation during the proceedings of this workshop, as you have always done in the previous workshops. i would also like to remind you of the relatively long journey that you have taken together with the bank. the quantity and quality of your work has increased and improved throughout this journey. therefore, i would like to challenge you to reach beyond this particular event and present your work more frequently in similar activities in the region or in the eu. i would like to encourage you to spend more time and efforts to disseminate and implement your research findings within the institution. bis central bankers ’ speeches results and conclusions should not be your last station. organize activities that focus on explaining and disseminating results and research techniques to the rest of the bank. raise the awareness on research developments and extend your cooperation with your colleagues within the bank. i invite you to extend cooperation beyond borders. benefit from this wonderful network that we have created and extend the spirit of cooperation beyond workshop participation by engaging in joint research projects with national and regional focus. you will be amazed by how much you can learn. finally, i would also like to encourage the others economists of the bank to crush the monotony of repeated dull analysis and frequent reliance on untested hypothesis. enrich your work with results of recent research, engage in research work yourself. devote more efforts and energy to the study of economic phenomena and the way they affect your work. research is not and should not be an exclusive monopoly of monetary policy and financial stability. it takes many forms, and should extend across all areas of central banking. few of the materials that will be discussed today and tomorrow illustrate this initiative very well. i hope there will be more similar examples in future workshops. the presentations and discussions today and tomorrow address a wide range of issues, reflecting the nature of problems that our economies are facing. i understand from the programme that our guests ’ focus of research is similar to the one at the bank of albania. during the past year, we have focused on financial stability and monetary policy, trade integration and trade relations, and the modelling of stochastic economic process. but above all, the crisis, its implications, the channels of transmission, and policy response have become the focus of empiric and theoretic research in the central