Despite the fact that this position is supported by a strong presence of foreign currency denominated liabilities in banks balance sheets and very close economic links to Euro-area countries like Italy and Greece, Bank of Albania has been consistent in its approach to introduce gradually regulatory measures that would discourage rapid increase in lending, encourage banks to lend more in domestic currency and increase transparency toward clients on banks products and services. On the other side, the monetary policy has successfully anchored expectations of very moderate growth in the price level and has supported demand for local currency financial assets by offering sufficient positive real return. As the crisis hit, the first impact in our economy was shown on the balance of payments, reflecting the relationships of our economy with the world. The increase of unemployment and the tightening of financing conditions in the neighboring countries of European Union were followed by the decline of Albanian emigrants’ remittances that live and work in those countries. While the gap between the domestic and external demand was widened, this was accompanied with an increase of current account deficit and the mounting pressure on the exchange rate. At the same time, the banking sector, which heavily dominates the financial system in Albania, reduced its funding contribution to the domestic economy as a response to the increasing demand for liquidity, following the deposit withdrawal from the public and an increasing borrowing demand from the Government.
This can be exemplified by the United States, where one-third of the import measured by value takes place by air, as is the case with 25% of export value of Africa 9 . (2)  What areas of Poland’s economic strategy call for changes in order that globalization can lead to a visible improvement in Poles’ living standard? Globalization is not a zero-sum game where some people gain, however at other people’s expense. Globalization has already enabled billions of consumers across the globe to enjoy enhanced living standard, as can be exemplified by lower prices, enhanced quality and increasingly diversified product and service offerings. Millions of Polish consumers also experience these benefits. Simultaneously, more than one million of Poles, the so-called euro 300-gross-pay generation, have obtained better paid jobs in other EU countries, following Poland’s accession to the EU. New jobs are created in Poland thanks to foreign direct investment and investment projects implemented by Polish companies that increase export production. Consumer optimism continues to grow, whereas fears related to the labour market subside. Poles enjoy an enhanced living standard and voice fewer concerns about their future. Undoubtedly, after our accession to the EU, Poland has achieved great success in the global economy. Does this mean that we can rest on our laurels and there is no need for rapid and farreaching changes? It is not quite right, however, as there are a number of areas where Poland ranks the very last.