of albania, through its commitment in the field of financial education, over this decade, has shown to consider financial education of public, an integral part of its duties. financial education enables the resilient welfare and safeguards the financial soundness of everyone, even in critical situations. the unprecedented events in recent years have driven to the need for cultivating financial literacy, as part of the overall formation of everyone. the covid - 19 pandemic and recent developments in ukraine, events that successively hit sharply the equilibrium state in each field of life worldwide, including economy and finances, trigger challenges to : managers of public finances ; families and personal finances ; as well, to everybody. this “ new reality ” for the 21st century has shocked financial markets and the increasing geopolitical tensions are continuing to generate consequences that may vary from relatively contained to very serious ones. nowadays, almost the entire global economy is facing unexpected shocks, which have driven to hard and complex crisis. after a two - year pandemic period and the extraordinary measures undertaken by governments and financial authorities, the war in ukraine has caused a new shock. these events, coupled with the implemented sanctions, have hit the global production, supply chain and public confidence, driving to an immediate effect in the upsurge of commodities 1 / 3 bis central bankers'speeches prices, like oil, petrol and food. it caused a chain of consequences, leading to an immediate and strong increase of inflation in worldwide economies, including the albanian economy as well. to this end, they will impact the direct and indirect economic and financial equilibriums which demand for time and crucial interventions from authorities. in response, policy makers, governments and central banks across the world have already activated a set of measures for mitigating the impact of these successive and robust shocks on the economy. the supportive packages, controls over prices, and the interventions of monetary policy have enabled and alleviated these shocks, and have kept the negative expectations of public under control. in the same spirit, albania has remained neither affected not indifferent. the undertaken measures to control prices and the interventions of the bank of albania have calmed the energy and foreign exchange markets. naturally, the above - stated events do affect both the present and future, by increasing uncertainty and the negative expectations. education is the best response to fight against uncertainty. today, more than yesterday we should properly understand the importance of financial literacy, which helps us in our everyday life, not only for well - informed decision making, also to properly comprehend

can affirm that, among policymakers, there is no doubt that forward guidance helps to steer expectations. yet, the effects of forward guidance are not as straightforward as we might like them to be. unsurprisingly, the results depend on a few things : first, on the particular form of forward guidance chosen ; second, on the central bank ’ s credibility ; and, finally, on agents ’ private information and the general level of informational noise. although in practice forward guidance is rarely perceived in such pure terms, here i would like to distinguish between the so - called delphic and odyssean types. delphic guidance is a statement of how policymakers see interest likely to evolve, but it makes no promises about future policy actions. in odyssean guidance, by contrast, policymakers commit to some ( contingent ) actions in the future. the horizon of odyssean guidance can be state - contingent, have an end date, or even be left open - ended. for example, currently, the ecb ’ s forward guidance is that interest rates are expected to remain unchanged at least through the end of this year. research indicates that different types of forward guidance differ systematically in how they impact on expectations and reduce disagreements in the markets about the future path of interest rates. more detailed, specific forward guidance – such as time - and state - contingent odyssean guidance – seems to be more effective in guiding expectations. intuitively, this effect makes sense : such central bank communication tones down some of the informational noise and diminishes uncertainty. nonetheless, this statement should not be interpreted as advocating any particular type of guidance, as the effects should depend on the interest - rate environment in which we are living. thus, in times of low interest rates, we strengthen forward guidance and make it more explicit. when interest rates are not bounded ( and are, therefore, at higher levels ), we can rely on a ‘ lighter ’ form of guidance. going further, any discussion on forward guidance would be incomplete without touching upon the controversy regarding “ who is leading who ” in this “ game ” of exchanging information. is the 2 / 4 bis central bankers'speeches central bank leading the financial markets, or have central banks become overly dependent on the market reaction function? in other words, are we “ catering ” to the markets? meaning, are we putting the needs of financial markets – that is, mainly private investors – before the needs of the real economy