Economic hopes pinned on exports and consumption, do not appear to be resilient across Europe. The potential for further stimulus on the fiscal and the monetary front appears to be limited. On the one hand, the stability pact does not allow for further fiscal stimulus. On the other hand, the European Central Bank is unwilling to provide the same amount of monetary stimulus as its U.S. counterpart. The reason is simple. Inflationary pressures in the Eurozone continue to be a stumbling block for lower interest rates. The recent deterioration of the international business sentiment and the prolonged uncertainty witnessed in the financial markets has also influenced negatively the growth prospects in Switzerland. Our view at the beginning of 2002 was that economic growth for the current year would be moderate. Our GDP forecast was 1% growth for 2002. Other institutions were more optimistic. All in all, however, there was considerable agreement among forecasters that Swiss household consumption would register moderate but stable growth and that the economy would experience a recovery in the second half of this year. The recovery was to be underpinned by strong growth in exports. The economic information that stemmed from the first quarter of this year was consistent with the scenario just described. First quarter real GDP came in slightly stronger than expected. Although real GDP growth was only 0.6% in the first quarter, an important consideration was the upward dynamics after gloom had set in the second half of 2002. As anticipated, real growth was supported by private consumption.
Thus, our banknotes promote the historical and cultural heritage of our country and highlight the most powerful achievements of many prominent historical figures through centuries. I feel good when I see that the two first denominations of this series, 200 lek and 5000 lek, put in circulation since September 2019, are welcomed by the public, have met the expectations of the Bank, and already are gradually becoming a sustainable part of currency in circulation, by supporting the continuous strengthening the quality of banknotes in circulation, aimed at preserving their integrity, in relation with the public, and upholding a dignified image of both the Bank of Albania and the Albanian state. Today, nearly two years later following the launching and the successful issuance in circulation of the first two denominations, the Bank of Albania is launching the two other banknotes, part of the new series of the Albanian banknotes, the denominations: 1000 lek and 10000 lek. The latter is a completely new denomination in the series of the Albanian banknotes. The printing and issue into circulation for the first time of the new banknote with the largest value, 10000 lekë, represents in itself, the adoption of the banknotes’ structure to the evolution of the structure of prices and wages, the development the electronic payments, and of the other indicators related to the management of currency.