PRESS RELEASE
Bank of Albania organises the 18th South-Eastern Europe Economic Research

On 19-20 November 2024, the Bank of Albania hosts the 18th South-Eastern European Economic Research Workshop.

This workshop aims to provide a discussion forum on the research works and projects carried out at the Bank of Albania over the course of 2024.This scientific activity, has been already turned into a solid platform for the share and exchange of research on topics related to central banking

During the two-day proceedings, 25 research works will be presented, of which 8 from Bank of Albania’s researchers.

The Governor of the Bank of Albania, Mr Gent Sejko and the Swiss Ambassador in Tirana, H.E. Ms Ruth Huber, greeted the proceedings of this Conference. The participation of Ambassador Huber highlights the close cooperation between our two countries in advancing both the economic research and capacity building.

Governor Sejko stated that this year's conference takes place at a special moment: global economy is facing heightened uncertainties originating from an environment of unstable inflation and interest rates, in addition to political and institutional uncertainties, which create the ground for significant policy changes and governance in the next years. He emphasised that the other long-term challenges related to climate change, digitalization and financial inclusion, or cyber security, trigger the commitment of important policies, which are stimulated by discussions in such forums.

Next, the Governor pointed out that the Albanian economy has experienced important structural changes, related to the rapid growth of tourism and construction, demographic changes related to the ageing of the population, its migration, as well as to the EU integration process.  He added that Albanian economy, over the last five years, has dealt with significant fluctuations in prices as a result of natural phenomena, economic shocks and geopolitical developments.

The Bank of Albania, through the monetary policy, has proven to be flexible to these changes, providing for financing conditions - as reflected in broad-based credit growth and ample liquidity in the financial system - remain favourable for the sustainable economic growth. Mr Sejko underlined that in addition to adjustments in interest rates, the Bank of Albania has implemented other policies, such as macroprudential ones in interaction with those of a microprudential nature.

Also, Governor Sejko briefly listed the initiatives undertaken by the Bank of Albania, regarding the enhancement of financial inclusion and financial education. In this context, the law on payment services, the law on payment account with basic features, our membership in SEPA and the strategy on financial inclusion and financial education, are expected to yield important changes in the further development of the financial system.

In conclusion, Governor Sejko thanked participants, sessions’ moderators and all the attendees, stating that scientific research provides an important contribution to central banks, empowering them to serve as an essential pillar of price and financial stability, a role which the Bank of Albania plays with great responsibility.

The Swiss Ambassador, Ms Ruth Huber, in her greeting speech, emphasised that central banks play a crucial role for the stability and development of economies throughout this region and worldwide. In this context, Ambassador Ruther stated that: “Switzerland's support for research in the tasks and challenges of central banks also reflects our belief in independent, data-driven decision-making. We encourage central banks to rely on research, not only to guide monetary policy decisions, but also to shape long-term strategies for enhancing financial resilience, fostering economic inclusion, and preparing for future challenges.”