I would like to dwell now on another argument, which relates to the current crisis, but also has significant potential for development if identified and addressed in due time. In addition to the negative effects, the global crisis provides some opportunities which I believe time is ripe to identify promptly and get the most benefit from them. Let me state a fact from last year, which I think illustrates my observation better. There is an observation that the Arab Spring is one of the factors that led to the increase of the re-export industry in Albania. Not only wasn’t it hit by the crisis, but it also grew its activity further. One could rightly say that the Arab Spring comes only once in a lifetime. This is true but what I see as a comparative advantage of our economy in relation to the economies of many countries that traditionally make the active processing of the orderer’s materials (re-export industry) is the cheap labour force. Countries like China, Turkey, Vietnam etc, have raised the labour cost, while it has to be admitted that they have a high level of productivity. Hence, what we need to do is to qualify the labour force of these sectors in order to increase productivity. I think that the qualification of the labour force, the increase of human capital and the formulation of more stimulating policies to support these sectors represent a resource and potential we have to rely on to create competitive advantages.
The creation of these indicators, their calculation and rating in the relevant markets would create the conditions for the real assessment of the competitive advantages that this district has to offer. The help that the local authorities can give in identifying the competitive advantages and the provision of local statistics are perhaps the best investment they can make for the regional and national development. Today, more than ever before, all the attention of global economy is oriented towards the markets, as the best estimators of the competitive advantages in the global economy. The developments in these markets are bringing about the reconfiguration of the economic powers at a global level. The new commercial and financial trends appear to be in favour of the utilization of natural resources and competitive advantages, through investments in emerging economies, to later import them in the form of final products, ready for consumption. These are advantages for the Albanian economy, which, with the major structural reforms taking place (privatizations, natural and human resources, creativity and the entrepreneurship spirit), enjoys all the opportunities and should play an active role in the regional market and beyond, in the global market. I am optimistic and I do believe in our economy and its potentials. Thanking you for your attention, I welcome any comments. BIS central bankers’ speeches  5