##d since 2008. currently, albanian citizens own 1, 433, 151 debit and credit cards of the prestigious visa and mastercard companies, which have implemented standards from the best at international level ; significant increase of poss in albanian businesses by around 6 times from 2008 ( about 300 poss ) to 2023 ( about 19 000 poss ) ; 2 / 4 bis - central bankers'speeches currently, there are around 230 businesses equipped with the necessary infrastructure for e - commerce, from a total of 3 in 2013, when it was introduced for the first time this service from the banking system ; the number of bank card payments has increased 83 times since 2008. in 2023, the albanian citizens have carried out an average of 11 payments per capita, from 0. 3 payments per capita in 2008 via bank cards. as we reflect on the past years, despite the various domestic and external challenges, we can say that - despite the shocks on inflation and monetary tightening over the last few years, both in albania and in the euro area - the bank of albania and aab have continued to work for : drafting and approving many legal and regulatory acts in accordance with the european directives and best practices in the field of regulation and micro - and macro - prudential supervision, resolution, payments, statistics, etc. ; continuously modernizing the payment system, establishing and developing payment schemes, such as direct debit, as well as the increase in the use of electronic payment instruments, etc ; building cooperation bridges and improving communication with domestic and international institutions to help the financial sector in albania ; organising many events and programs to educate the public, promoting financial inclusion and reducing the use of cash in the economy. * * * dear colleagues, banks play a key role in the economic structure of albania. we have a common mission : bolstering a strong financial and economic environment, which continues to remain challenging. forward - looking and due to global changes and developments taking place, the bank of albania : remains committed to fulfilling its legal objectives, always implementing policies aimed at safeguarding the monetary and financial stability of albania, as a prerequisite for the sustainable and long - term development ; encourages the further increase in lending to albanian businesses and households, always requiring for compliance with the prudential requirements, but at the same time insisting on increased attention to specific sectors or vulnerable groups of the society ; has encouraged and will encourage the drafting of policies and the adoption of instruments that expand financial inclusion for those segments of

policy, with potential second round effects on financial stability. if central banks in the short run shift their focus from the primary objective to supporting economic growth at any cost, it would indirectly create premises for long rung economic imbalances. the current polices pursued by both monetary and fiscal authorities should not be considered as a new normality. while the global economy is adjusting toward a new equilibrium, solid macro - prudential long run policies should replace current stimulating efforts. therefore the challenge for our economies in the long run is to address current problems and the inherited ones based on a new model of growth, based on : ( i ) higher savings and investments, aiming toward a contained consumption matched by domestic production ; ( ii ) persistent fdi inflows oriented toward tradable sectors ; ( iii ) regional cooperation. let me briefly share with you some of my thoughts on the importance of this last remark, namely regional cooperation. following arguments illustrate the benefits of cooperation, at several levels : • from a development point of view, increased cooperation and integration on a regional level creates a greater scope for economies of scale. this would increase incentives for local and foreign investors to undertake big investment project that would not be profitable otherwise. a related advantage would be increased specialization of our economies, leading to a higher economic performance. • on a policy level, coordinated macroeconomic policies, legal and prudential frameworks, would tend to improve the allocation of resources and to prevent beggar - thy - neighbor policies. this race to the bottom type of philosophy would not benefit the region as a whole. • from a strategic point of view, our region is in competition with several emerging regions on a global scale. it ’ s not sufficient any more to be the best guy in the village ; especially when there are an increasing number of villages on a global scale, with an ever increasing number of clever guys. • from a convergence point of view, the sharing of experiences would avoid costly errors, while coordinated policies and steps would make a stronger case for a faster eu integration. we should demonstrate that the region is fit to enter the club, by firstly adopting the rules of the club among ourselves. in a more technical and concrete approach, the efforts of the public authorities in our region to achieve a real and meaningful cooperation should consider the followings : first, the mentality of the societies in our region should change. it is noted that this region has a history full of conflicts and many other disputes. it is now up