These challenges are also putting creative pressure on central banks and supervisors. And I will elaborate today on how to catalyse our efforts together on one “road for the future” towards innovative payments and CBDC. I. CBDC and innovative payments: next steps ahead Once regarded as the "plumbing" behind the financial system, attitudes to a CBDC and to payments in general have dramatically changed over the past 18 months; and these issues are now at the top of the central banking agenda. As is often the case with major innovations, reactions to the idea of a CBDC are very mixed. Let me start by clarifying one major point: no decision has been taken at this stage on whether or not to create a digital euro. And before any such decision is made, rest assured that all necessary analysis will be properly  conducted. It is with this mindset, intent on supporting innovation but within a framework of trust, that the Banque de France has been leading the way on a possible CBDC over the last two years. And the time has come to share with you some of the main learnings regarding three basic questions: why, how and when.
Ardian Fullani: Overview of Albania’s latest economic and financial developments Speech by Mr Ardian Fullani, Governor of the Bank of Albania, on the Monetary Policy Decision-Making of the Bank of Albania’s Supervisory Council, Tirana, 31 October 2012 *  *  *  Today, on 31 October 2012, the Bank of Albania’s Supervisory Council reviewed and approved the quarterly Monetary Policy Report. Based on the analysis of Albania’s latest economic and monetary developments, and following discussions on their performance outlook, the Bank of Albania’s Supervisory Council decided to keep the key interest rate unchanged, at 4.0%. The Supervisory Council deems that the current monetary conditions are adequate to meet Bank of Albania’s inflation target in the medium term. Keeping the key interest rate at its minimum historical level ensures the necessary monetary incentive to promote Albania’s domestic demand and economic growth. Let me now proceed with an overview of the economic and monetary developments and key issues discussed at today’s meeting. *** The Albanian economy was faces with a challenging global environment over the first three quarters of 2012 due to difficult situation of the world economy, and particularly of the euro area. Domestically and externally generated supply shocks determined the economic growth profile and continued to test Albania’s macroeconomic and financial foundations. Over this period, the Albanian economy was faced with slow foreign demand growth, increased financial risk premia and tendencies of several financial market agents to reduce exposure to Albanian economy. These developments were also reflected in low consumption and investment levels.