7  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  7  In the case of energy markets there are probably specific factors to blame. A prolonged period of cold weather last winter had reduced inventories of gas in Europe. Interruptions to the supply of renewables further increased the demand for gas, as did efforts to shift away from coal in Asia. And there have been supply problems too in Norway and Russia. More generally, there are several possible reasons why these trends have continued, despite the worldwide easing of Covid restrictions. The substantial fiscal easing in the United States gave a renewed and significant impetus to spending on consumer durables, both in that country and therefore the world as a whole. In some cases – notably cars – supply problems meant this demand couldn’t be met. But US spending on other durables nonetheless rose significantly further between the first and second quarters of this year, as fiscal transfers started to come through, and in 2021Q2 was almost 30% higher than immediately before the pandemic (Charts 8 and 9). Chart 8. US accounts for much of the growth in global demand for durable goods Percentage points  US  Chart 9. Large increase in durables consumption in the US, now partly easing back  24 Consumer durables excl.
The balance credit rise marked during the eleven-month period of the year the value of LEK 15.3 billion, reflecting a rise of 30 percent relative to the yearend of 2003. The easing monetary policy of the Bank of Albania has helped smooth the appreciation pressure of the Lek exchange rate. The differences between interest rates in foreign currency and those in domestic currency incurred a decline during 2004. However, the rising foreign currency inflows on one hand, and the reduction of imports volume on the other one, have created a temporary difference between the foreign currency supply and demand during the summer period. This misbalance has exerted a significant pressure on the appreciation of the Lek exchange rate, fostering the foreign market volatility. The exchange rate volatility through this temporary rise of foreign currency supply has imposed the necessity of the Bank of Albania intermediation to the foreign market during the summer period, towards purchasing the foreign currency. Though trade deficit increased, the current deficit in the third quarter has been lower than in the previous quarters, thanks to increased and positive balances of income, services, and particularly current transfers. The current transfers balance is estimated at USD 295 million, being higher than the  1/2  one of the first two quarters, and nearly 44 percent higher than the one of the third quarter of the previous year. Overall, the balance of payments performance during 2004 was positive.