Speech at year-end meeting with journalists, analysts and media representatives
Dear ladies and gentlemen,
After a difficult time due to the pandemic when we all had to keep physical distances, this reunion at the premises of the Bank of Albania to spend time together as the end of the year approaches, embodies a special value . Overall, the end-of-year meetings accompanying the end-of-year celebrations serve as a stocktaking reminder of the achievements of the year that we are about to leave, coupled with the challenges that await us next year.
The past two years have been difficult for the whole world, and especially for Albania, as before the pandemic we had to deal with the devastating earthquake of November 2019. Today’s meeting makes us optimistic and leaves hope that in the future we will have the opportunity to communicate and collaborate under normal conditions and free from the worries and restrictions triggered by the pandemic. The shocks undergone over the past two years have strongly affected our lifestyles, strained the country’s economic, monetary and financial balances and the stability of the sources of growth. They show that the sustainability of economic and financial stability depends on the work of monetary institutions coupled with the ability and capacity of society as a whole to act quickly and effectively in this fight against the pandemic. With this in mind, first and foremost, in the context of health, vaccination and, hopefully, relevant ongoing treatments, will become powerful instruments to limit the effects of the pandemic on the economy and finances. .
The good news is that the analyzes carried out in our institution indicate that the economic rebound, the achievement of price targets and the preservation of financial stability are materializing in accordance with the optimistic forecasts of the Bank of Albania. Continuing to simulate monetary and fiscal policies has: guaranteed both monetary and financial stability in Albania; strengthened low-cost loans for economic activity and eased the burden that the prolongation of the pandemic placed on the private sector and households.
The crucial role that the mass media played in meticulously detailing and summoning the political message to the public to enhance public awareness, has supported and benefited prudential policy making. The pandemic and the restrictions put in place to contain it have posed a barrier to public communication by increasing distance with institutions, and most importantly, they have become the most pressing issues of our time. With this in mind, I take this opportunity to thank all journalists (especially those covering economic issues), who through their professional commitment and integrity have helped the general public acquire the decision-making of monetary and fiscal authorities throughout. along this unprecedented situation.
The professionalism in the production and transmission of news and economic analysis has been a valuable and indispensable support to marinate prices and financial stability. Let me thank you once again for the hard work and dedication you have shown during this year. I firmly believe that veracity and objectivity in reporting economic and financial news will continue to accompany you in the performance of your duty over the coming year.
I reaffirm that the Bank of Albania will continue to be a transparent institution, ready to provide advice and assessments as necessary in all public debates related to the performance of our economy and financial markets. A certificate of this commitment and achievement of the Bank of Albania in communication with the public is the first rank of the Bank of Albania among all the banks of the Central, Eastern and South-Eastern countries, for a very active public communication, in the latest report: “Focus on the European Economic Integration” for the second quarter of 2021, published by the National Bank of Austria.
The Bank of Albania continues to focus scrupulously on financial education and research, seeing it as an essential pillar of its activity. They are considered to be the foundations for increasing socio-economic development and the well-being of Albanian citizens. From this point of view, I invite you to share together a privileged moment of this meeting: the traditional ceremony of the presentation of the Governor’s Prize for the Best Diploma.
The Bank of Albania for this 15th anniversary ceremony selected and valued three scientific works among all the research presented by graduate students in Albanian and abroad. Let me reiterate and point out that over the years we have pleasantly noticed that the quality of the research work of the participants has increased, making the analyzes and research carried out more and more professional.
As in previous years, Albanian students from national and foreign universities applied and presented their best research work. We are pleased to see that the participation and interest of students and universities has increased significantly, testifying to the appreciation, reliability and reputation of this competition. This year, we received 25 studies, the common feature of which is to address the reality of the past two years. They mainly examine the economic, financial and social effects of the pandemic and the resistance of the market and financial institutions to this shock. Thesis on the future of financial markets, focusing on the effects of digital currency; exploitation of large detailed databases to assess the behavior of segments of the financial market which, which have not been researched, are important for the development of the country; in addition to studying other important issues for Albania, such as fiscal policy, etc.
The topics covered and their results are based on the application of contemporary research methodologies and use granular statistical information, both thoughtful and structured. Above all, this information is used rigorously in accordance with academic standards and requirements to research and argue through theoretical and empirical assumptions about economic and financial phenomena and events.
For this reason, the committee found it difficult to make a selection as all the topics were coherent, interesting and well covered. Nevertheless, we have managed to carefully identify the minor variations and the distinguished nuances that make the difference in the winning theses among all the works presented. Finally, we made a decision on the “Governor’s Prize for the best diploma theses” for 2021. However, I would like with the winners to thank and congratulate all the participants in this competition for their commitment, ideas, applied methods and conclusions based on appropriate methodologies. I wish this passion and dedication to be part of your commitment as you advance in your career.
Now let’s present the winning competitors.
Thank you and have a good vacation!