The Riksbank do get suggestions that we should change to an inflation target similar to the one the ECB uses and aim for 0–2% in a medium-term perspective. In practice, this could very well lead to the same decisions concerning the repo rate as the model we have chosen and the difference should therefore not be exaggerated. That I personally prefer our approach has to do with at least four different aspects. Besides Goodhart’s argument that it helps us staying on track, doing what we should to keep inflation at 2%, there are three more arguments. 1. The more precise policy formulation has been beneficial for our thinking and the way it has developed, an aspect that does not usually get a mention in the literature. A clear framework kicks. Good and clear arguments that can be presented openly are needed for departing from adopted principles. 3  BIS Review 85/2000  2. Aspects of communication also favour our approach, with published forecasts and a simple policy rule. When explaining on television to the general public or to the audience at a labour conference in the north of Sweden, I can rely on exactly the same arguments as when I face Professor Lars Svensson at Stockholm University. 3. The clearer the policy, the easier it is to assess or evaluate. These assessments are an important part of the efforts to generate broader respect for what we do and healthy for our accountability.
Ardian Fullani: Recent economic developments in Albania Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the Joint Press Conference of the International Monetary Fund (IMF) mission, the Ministry of Finance and the Bank of Albania, Tirana, 9 March 2010. *  *  *  Honourable Mr. Minister of Finance, Honourable Mr. Bell, Honourable participants, During the last two weeks we have had an intensive dialogue with the IMF Mission, which visited Tirana in the framework of periodic consultations in terms of the observance of Article IV. During these discussions there is appraised the good performance of the Albanian economy during the past year and there is also emphasized the need for pursuing prudent economic policies, designed and implemented in the context of strengthening the macroeconomic and financial stability. Also, special attention has been paid to the need for ongoing structural reform that will support our long-term economic growth. The Albanian economy has recorded a positive economic growth during the past year and has successfully tackled the direct and indirect shudders of the global economic crisis. Moreover, the Albanian economy has passed the test, by maintaining the domestic economic and financial balances, which serve as a prerequisite for a sustainable and long-term growth. Thus, inflation rate fluctuated around 2 to 3 percent during 2009; the country’s external balances have shown correction signs, while the Albanian banking system remains robust and well-capitalized. However, the economic growth rate slowed down significantly during 2009.