This risks the collective view being less well-informed, and potentially more polarised, than would be ideal. With degrees of discontent about both the executive and direct democratic models, there has recently been a rekindling of interest in the Athenian, or deliberative democracy, model. This model, at least in principle, offers greater diversity than the executive democratic model. It also offers greater scope for debate and deliberation than the direct democratic model. It is not a third way, as it was in fact the first. But it is a middle way. It is in some ways the institutional incarnation of the “Insight Curve”. Interestingly, a number of countries have over recent years begun experimenting with deliberative democratic processes to debate and resolve some of societies’ most complex problems. Citizens’ panels or juries have been used to tackle such varied issues as voting reform (in Canada), gay rights (Ireland), reconciliation between indigenous and non-indigenous communities (Australia), nuclear power (South Korea), membership of the euro (Denmark) and environmental pollution (United States). 44  Here in Estonia, you have experience of using people’s assemblies to debate key societal issues. In 2013, a people’s assembly (Rahvakogu) was used to debate Estonian electoral laws. Last year, a people’s assembly was used to deliberate on the future of ageing and pension reform. People’s juries have also been 44  See https://cdd.stanford.edu/deliberative-polling-timeline/ 18  All speeches are available online at www.bankofengland.co.uk/speeches  18  used to debate regional issues, including water transportation in the Emajõgi River region of the country.
Since 2015, we have formally adopted “the inflation targeting regime”. This regime provides the adequate incentives, discipline and flexibility to the maximisation of the longterm social welfare. In parallel with the evolution of the monetary policy, the Bank of Albania, in years, has built on a modern and effective regulatory banking framework, in line with the best international practices. From time we have implemented the regulatory standards incorporated in Basel I, II and III. Then, we have helped the establishment of the Albanian Deposit Insurance Agency (ADISA) and the resolution framework. These two elements are crucial for the stability of the financial system. In addition, we have been working in collaboration with other public authorities, on the development of the complete supervisory and regulatory architecture. I would like to mention in this regard the establishment of the Financial Supervisory Authority (FSA) and the Financial Stability Advisory Group (FSAG). In the light of such a historical background of development and evolution, the Bank of Albania has shown itself an institution able to be adapted and change to keep up with the times. In parallel, the gradual, well-thought and to some extent, conservative evolution has always been important to the Bank of Albanian aimed at adopting the best international experiences resistant to the time. I think these two development features provide the appropriate guarantees that we will know to face the challenges of the “New normal”.