And that task has certainly become much tougher. At the aggregate level - looking at the economy as a whole, while no-one - and I mean no-one, whatever they may claim - knows with any great precision just where current demand and output is in relation to the underlying supply capacity of the economy, there is no doubt that we are now at least much closer to full capacity output than we have been - and the actual rate of growth  BIS Review 55/1998  -2-  over the past year was, on almost anyone’s calculation, above the rate of underlying capacity growth. So we have been at greater risk of overheating than for some time. The consequence - if we were to overheat - is quite clear. Inflation would accelerate and we would then need to impose an abrupt slowdown on the economy to bring it back under control - to meet the Government’s inflation target. It was, of course, to avoid accelerating inflation and the associated need for an abrupt slowdown that the members of the Monetary Policy Committee last year had no difficulty in agreeing upon a significant policy tightening. But there was - and is - a significant complication. The aggregate position takes no account of the serious imbalance within the overall economy between external and domestic demand.
My appeal today for you is to embrace a different philosophy of thinking and acting, more modern and forward-looking, obviously always capitalising on our best national values and traditions. My advice is: never absent yourselves from knowledge and books. Education is a never-ending experience and process, and will accompany you throughout your carrier, notwithstanding your specific engagement, a bright member of the academia, a successful entrepreneur in the private sector or an expert of important public or international institutions. To be on the top list, you should always update your knowledge on the most recent theories, trends and findings, which explain the most basic laws and functioning of markets and economy. As the administrator of an important institution in the field of the economic and financial policies decision making, I have always believed and supported the involvement of the new generation in the daily activity of the institution. Beyond the fact that the new generation dominates the human resources in the Bank of Albania, we try to maintain the interest and the inclusion of students in our everyday activity, through a range of various educational and informative programs. The Bank of Albania is open for all students studying in finance and economics or other related fields for internships, continuously supporting the scientific and research work of the students.