The signing of the agreement today, follows the conclusion of a similar and very successful cooperation in the period 2013–2018, which improved significantly our analysis, research and technical capacities. I can proudly and confidently say that the programme has accomplished all the goals. It addressed three key aspects for the central bank: research, monetary policy and financial stability. It contributed not only to enhancing the knowledge, the expertise and the application of contemporary methodologies for economic and financial analyses, but also to materialising a concrete product to improve and expand evaluation, forecasting and analysis models. These models play now a significant role in the decision-making process at the Bank of Albania. Under this cooperation programme, the Bank of Albania benefited technical and financial support. Some statistics from the implementation of the first phase illustrate the extent and impact of this programme. In the period 2013–2018, we realised 30 different activities, involving 360 staff members from the Bank of Albania. Moreover, around 270 employees attended 18 workshops on dedicated topics for the Bank of Albania. In addition, representatives from the Bank of Albania participated in 8 academic conferences in which 87 members from its staff presented their research and received valuable comments for further improving their work. Three employees have been able to visit The Graduate Institute Geneva to attend post-university studies for a period up to six months, and develop their research projects under the supervision of and assistance by renowned professors of the Institute.
The Bank of Albania is responsible for the formulation and implementation of the monetary policy, regulation and supervision of the banking system, regulation and development of the payment system, and promotion of financial stability. In the framework of the cooperation with SECO, it benefits not only in academic but also in concrete terms. The developed forecasting and analysis models enable the monetary policy to play a more proactive role, as testified in the successful management of appreciation pressures on the exchange rate in the previous year. Thanks to SECO-funded cooperation projects, the Bank of Albania has adopted contemporary models and methodologies for evaluating the adequate level of the foreign currency reserve – currently 1/3  BIS central bankers' speeches  standing at EUR 3.3-3.4 billion, managing liquidity in the banking sector, and withstanding adverse scenarios. Also, the study of various phenomena related to the functioning of the financial system has prepared the ground for the drafting and approval of a series of regulations, which – among others – have accelerated the process for the reduction of non-performing loans and will create a safer and more efficient regulatory environment with regard to managing financial shocks. Lastly, the cooperation with SECO has generated a number of projects, which are being currently implemented in the field of payment systems. One particular example is the national strategy for promoting the use of retail payments, which serves, among others, to lowering their costs, promoting remittances and boosting financial inclusion.