04/30/2021 | Press release | Distributed by Public on 04/30/2021 08:37
On 29 April 2021, the Governor of the Bank of Albania, Mr Gent Sejko, attended the Conference on 'New normal: Challenges & opportunities', organised by the European University of Tirana. Professors, academics and students attended this Conference.
In his address, Governor Sejko thanked the European University of Tirana for the selection of an utmost importance topic, and presented the opinion of the Bank of Albania on this theme.
The Governor, at the beginning, provided a brief summary about the impact of the pandemic on the Albanian economy and the measures taken to minimise its effects; then, He focused on the academic discussion about the 'New normal'; and concluding, the Governor highlighted the role that has the institutional flexibility and strength to change, as an instrument for accommodating the new paradigms and adopting the best practices in policy making.
Related to the impact of the pandemic on the Albanian economy, Governor Sejko stated that the increase of uncertainty and the induced restriction of the mobility of goods, services and citizens, in Albania, drove to contraction of the economy during 2020. In addition, the pandemic generated economic problems, at both macro and micro levels, while it simultaneously tested the resilience of the foundations of the Albanian economy and society.
The Governor emphasised that in response to this situation, the reaction of public authorities in Albania was fast and unprecedented. The Bank of Albania intervened through a package of monetary and financial measures. These measures were aimed at both containing the short-term impact of the pandemic and safeguarding the production capacities and the economic and financial stability of Albania. These are two indispensable preconditions for the rapid, solid and long-lasting growth of the country.
Then, the Mr Sejko pointed out that the stimulating measures undertaken by the Bank of Albania were coordinated with an augmented fiscal stimulus. The implemented simulating policies have helped in reducing risk in the short run, but they cannot address structural changes. Consequently, a 'New normal' is expected to guide the need for the adaption of the private sector and a re-thinking of the institutional government paradigms.
With a view to institutional flexibility for the adoption to the 'New normal', Governor Sejko underscored that the Bank of Albania has shown itself an institution able to be adapted and change to keep up with the times. In addition, to adopt the best international experiences resistant to time, the gradual and thoughtful evolution has always been crucial. These features of development provide the adequate guarantees for countering the challenges of the 'New normal'.
Concluding, Governor Sejko commended the proceedings of this Conference and highlighted the importance of sharing knowledge and experiences on such an important theme.
Governor Sejko: Keynote speech at EUT Conference