Real GDP has still not returned to its pre-crisis level. As for real per capita GDP, it is lower now than it was in 2007. This weak growth is one of the main factors behind the high public debt ratio, which has been rising since 2008. Another consequence of feeble growth is the high unemployment rate, particularly among the young (32% in September 2018 for 15–24 year-olds). The tragedy of the scoraggiati, especially in the south, should be seen as our tragedy too. It is with this image in mind that I want to shed some light now, here in Rome, on the economic prospects for the euro area. I would like to share with you two firm beliefs: with regard to the challenges we face, the euro is one of the solutions, not one of the problems; but in order to build a more solidarity-based euro area, we need to have an Italy that is 1/5  BIS central bankers' speeches  committed. ** I. The euro is one of the solutions, not one of the problems. There is still a temptation to blame the euro for this weak rate of growth. Proponents of this idea see the single currency as a German-imposed straitjacket, managed by “Frankfurt” strictly for Germany’s benefit. It is always legitimate to have a debate, and we should not shy away from this one. But in reality the euro is one of the solutions, for four reasons.
These challenges increase ambiguity, uncertainty and volatility in goods, services and financial, markets, broaden and intertwine the nature of shocks and place the authorities vis-à-vis new and unprecedented phenomena. These developments render the well management of monetary policies and financial stability even more difficult As a result, scientific research needs to: explore and propose new solutions, more efficient empirical and theoretical models for policy implementation by central banks; assess the effects of the adopted policies; and, carefully observe the side effects in the economy or the financial system, which may potentially accompany such policies. Due to unconventional monetary policies, central banking is practically in unexplored territories; therefore, it is necessary to carry out an assessment of how the economy reacts to shocks under such circumstances. The Bank of Albania is interested in identifying potential shocks and their modelling with a view to guaranteeing optimal solutions in terms of prices, economic activity, employment and financial system soundness. For that reason, we invite you to discuss openly and thoroughly all the papers that will be presented during these two days. This would serve to discuss about their findings, improve them and assess their effectiveness for the Bank of Albania’ decision making. The Bank of Albania deems that the economy and the financial system are currently sound and in line with our expectations and forecasts.