It must do so, at a time when Albania’s economic growth is subdued and the demand is weak. This year we expect GDP growth of around 1.9%. The figure could be a little higher next year, but is still more reliant on foreign demand, which, on its own, is quite uncertain. Our business sector must find new ways and new markets to sustain its activity and grow. Our experience has shown that businesses or industries which had more diversified product markets, which took care of their cost structures and their balance sheets, have fared better through the downturn and have brighter prospects on the expected upturn. It serves to show that, as in other areas of life, a long term approach to business yields better results. Financing is important at growth times, but is also needed at difficult economic times to facilitate business restructuring and ensure time consistency of change implementation. Both in Greece and Albania, and indeed in Europe, the banking sector is the dominant source of finance. This fact highlights the importance of a sound banking system for our economies and has raised deep concerns in Europe about the chances of a credit-less recovery, given the actual very weak credit growth.
All this must be attained in a setting in which new developments and circumstances will be emerging – and they are in fact appearing already – to make our analytical and supervisory tasks more demanding. In any event, enjoying society’s trust and recognition will involve being able to respond successfully to this challenge. To be able to accomplish our mission and reach both objectives, the Banco de España is going to have to adapt. But such adaptation must also stand on sound pillars. The first of these pillars is our independence. Independence is a necessary condition for achieving the aforementioned objectives and it is independence alone that can offer us the best guarantees of success. Secondly, the exercise of independence should be underpinned by analysis and decisions based on the utmost intellectual rigour. This is also the best base from which to address the necessary accountability and transparency to society. Thirdly, we can only properly perform our dual role of members of the Eurosystem and public servants by the pursuit of excellence in our work and by promoting the excellence of our staff. Such excellence has been and is, no doubt, one of the hallmarks of this institution. It is my firm commitment to maintain and enhance the Bank’s human capital. To conclude, I shall adhere to the tradition launched by Governor Linde when he took office and end, as he did, with a quote.