In the absence of abrupt shocks, inflation is expected to drop further and stay within the target band of the Bank of Albania during the time span of the monetary policy action. Risks distribution remains overall symmetric: slower than projected economic growth would lead to a rapid reduction of inflation, while a further consolidation of imported inflation could keep inflationary pressures high for a longer time. At the end of discussions, the Supervisory Council concluded that the monetary conditions remain appropriate for meeting the medium-term inflation target and decided to leave the key interest rate unchanged at 5.25 %. In the near future, the downward inflation trend and shift to the downward section of the risks balance may establish the premises for a revision of the monetary policy. In any case, the future its future position shall factorise the new information obtained, aiming to adopt monetary conditions to respect our objectives. The Bank of Albania remains fully committed to anchor inflation expectations in accordance with its inflation target and to support sustainable and long-term development of the Albanian economy. BIS central bankers’ speeches  3
This is not a choice. If we don’t act effectively, the repercussions on the U.S. economy—and the global economy—are severe. In each of the past two notable market dislocations, the dysfunctions arose swiftly, and we, too, acted quickly to take steps that were effective in restoring the functioning and confidence in markets. But each event exposed weaknesses. Over time, weaknesses can erode confidence. So now, the challenge before us is this: How do we strengthen the most important market in the world in a way that helps us avoid having to take dramatic steps to cure impairments during the middle of a future crisis? How do we prepare for what we can’t foresee and can’t predict? Think Differently One thing that is clear when examining the causes of these market disruptions is that they were not primarily driven by economic forces, but rather by a failure of the markets to function in the ways they were expected to do in response to those particular circumstances. These sharp market disruptions teach us important lessons. A number of experts in this field— including the IAW G—have been doing excellent work in identifying potential solutions to ensure that similar disruptions don’t happen again. It’s essential that we all continue to work together to increase the resilience of the Treasury market—and this conference is a great opportunity to move that process forward. It’s also clear that we need not start from a position of how things are, but instead, how they should be.