BIS central bankers’ speeches  5  During 2013, we continued our work to approximate the regulatory framework and working practices with EU directives and ECB standards, in the framework of the European integration process. The last annual report of the European Commission confirms the progress made by the Bank of Albania with regard to achieving European standards in all the fields of its activity. It also commends the contribution of the Bank of Albania to maintaining the country’s macroeconomic stability. Last, but not least, I would like to underline the approach of the Bank of Albania to the public. In our medium-term strategy, we have, among others, set forth two important factors that help achieve our main objective: public education, with the Bank of Albania assuming the role of the financial educator, and enhancing the confidence in our institution. In the framework of financial education, after introducing financial education as an elective subject in the high school curricula, this year we targeted the elementary education, with a new teaching set for both pupils and teachers. We have also consolidated our position as a scientific research centre. Every year, the Bank of Albania brings together economists and academics from different countries and institutions. During 2013, a part of our resources was invested to enhance research and organise scientific research activities. *** Concluding, I would like to reiterate our long-term commitment to maintaining price stability as the primary objective of the Bank of Albania. The monetary policy has been appropriate and has contributed to maintaining macroeconomic stability.
It will continue to be stimulating for the economy in the period ahead, as stated in our public communications. I must underline, however, that not all things can be solved by the monetary policy, and the central bank alone cannot achieve all. Many economies are facing the difficult situation of sluggish economic growth and low inflation rates. These conditions require all authorities at home to coordinate active policies and approach a new economic thought. This approach should aim at establishing a favourable climate for investments, boosting demand, increasing productivity in competitive sectors, supporting technology development, improving education level and implementing reforms in the labour market. In particular, I would like to draw the attention on the implementation of FSAP recommendations, to develop further the Albanian financial system and enhance its stability. I think that 2014 poses new and difficult challenges for sustainable and all-embracing economic growth. These challenges require long-term solutions and the work to face them must continue, without delay. Thank you. 6  BIS central bankers’ speeches