This calls for us to review our strategy and to consider how our monetary policy can best deliver on our mandate. Indeed, a question that is common to the entire community of central banks today is how to best define the medium-term objective of monetary policy, so as to ensure that expectations are firmly anchored. This could be particularly beneficial in conditions – like today’s – in which the policy space to buffer the economy from adverse developments is more limited than it was prior to the crisis. And, we are all trying to gain a better understanding of how the longer-term trends I mentioned might affect variables we monitor regularly and seek, to some extent, to control. This being said, it is premature to venture here into debates about the precise scope, direction and timeline of our review, as the matter has not yet been discussed thoroughly by the Governing Council. What I can confirm, however, is that the strategy review will be guided by two principles: thorough analysis and an open mind. This will require time for reflection and for wide consultation. The Parliament, and this Committee in particular, have traditionally offered a unique forum for dialogue, which has been enriched by the expert reports prepared ahead of the hearings.4 The ECB greatly benefitted from these debates 16 years ago when it undertook its last strategy review. This time around, we will be seeking a dialogue which is even more intense and productive than in the past.
This publication aims to enhance the knowledge and information about remittances in the Albanian market, and to convey messages in the context of needs for intervention and the potential of remittances for various actors in the economy. For all the issues addressed above, especially related with the commitment of various stakeholders in the modernisation of payment systems in Albania, I invite you to actively participate and contribute to this conference. Concluding, I would like to wish you fruitful conference proceedings and thank you for your participation and attention. 2/2  BIS central bankers' speeches