BANK OF ALBANIA

PRESS RELEASE
Governor Sejko: Address at the promotion of the book on money, banks, and society - a historic journey, from genesis to modern days, by A.Pano and A.Angjeli

Publication date: 22.02.2019

 

Honourable professors,

Dear ladies and gentlemen,

Dear guests,

I have the honour and pleasure to welcome you to this special event, quite unlike the activities that are often organised this historic hall of the Bank of Albania, as it falls outside our realm of conventional day-to-day activities.

DSC 2016 - Copy 498

We have the honour of hosting distinguished guests and presenting Paraja, Bankat dhe Shoqëria, Bashkudhëtimi historik që nga fillesat deri në kohët moderne[1], a valuable book by two prominent authors, with a significant academic contribution to the study of and discussion about economics and finances, Prof. Dr. Aristotel Pano and Academic Prof. Dr. Anastas Angjeli.

DSC 1839 - Copy 498

Delving into the pages of the book, we evidence a thorough analysis and a highly cognitive and historic contribution; it is only fair to say that this is a meticulous scientific research on the money-bank-society trinomial.

This book is also an important tool from another perspective - financial education, which is one of our main institutional objectives. For years, the Bank of Albania has been engaged intensively in financial education and has made it a constant element in its work.

***

Dear guests,

I am very honoured today as the host of this event and as a contributor to the foreword to the book.

DSC 1948 - Copy 498

The co-authors, professors Pano and Angjeli, present in their book a comprehensive analysis of monetary and financial systems, described in the form of a historic journey from antiquity to modern days. Money, banks and their implications for the society are topics that have continually stirred the interest of the people and awakened their curiosity. They are substantive factors that affect all the aspects of global developments across all social systems. With its interesting facts and histories, illustrated by meticulously selected images, the book “Money, Banks, and Society” is a valuable source of information about the decisive role of various monetary systems in the history of our continent and, by the same token, in the history of Albania. 

DSC 1981 - Copy 498

This book is published at a very special and significant moment. A deep analysis and reflection on the economy and finance is needed, from both the practical and the philosophical point of view. Realities are, in such sciences, oftentimes far from the assumptions on whose basis they have been modelled, hence kindling the interest and promoting the importance of studying the history of the economy, money and finance. This book puts it forward in a perfect and detailed manner, and employs a plain communication approach.

In a clear and intelligible style, the authors narrate the history of the birth and evolution of money, its role in building the monetary and financial systems and their functioning. Moreover, they show how these systems have created the preconditions for advancement and have changed the world contributing to the overall knowledge and the development of the society. The book shows that the desire for prosperity and economic stability are key drivers for the development of money, its forms and, therefore, monetary systems. Changes, innovations or adaptations that have been motivated by such aims have persisted in our history and have contributed to the prosperity of the society.

Yet, we must bear in mind that monetary systems may guarantee prosperity and credibility only if societies “abide by” them. Global or regional financial crisis are not unprecedented or unfamiliar phenomena. The underlying causes for such crises have been the same throughout the history. Short-term benefits, being interpreted as opportunities or products to the benefit of the society and the individual, may give rise to serious concerns surrounding the long-term macroeconomic and financial stability. Therefore, economic agents should be financially educated in order to be able to repel deceptions that seek profits for third parties.

The book “Money, Banks, Society” is a testimony, like the society, that such invention (money) is constantly changing to adapt to the new conditions generated by the society. Often this change may result from the geniality of certain individuals; at other times, it owes to changes necessitated by the circumstances in a given period. Nonetheless, following changes and developments over time, money and the financial systems have given a new impetus to trade, exchanges, and innovation and, through them, the development of the society.

DSC 2236 - Copy 498

The book points out to the reader the great importance of knowing and understanding such developments. It serves first and foremost to economists and financiers, who should pay particular attention to side effects of monetary and financial decisions and reforms on the economy, firms and households, from the perspective of economic and financial prosperity and of the redistribution and inequality aspects.

Co-authored by two of the most renowned professors in the field of the monetary and financial history in Albania, written in a plain and clear language, presented in an easy-to-grasp style, for all categories of readers, the book is a valuable contribution for learning, understanding and further studying the monetary and banking history in general and in Albania in particular. It is an added value not only for the scholars of the economy, finance, history and numismatics, but also for the general public.  

Privileged to have been among the first persons who have actually read this book, I am fully confident that the book will be welcomed not only by the professionals but also by the general public.  I take this opportunity to congratulate the honourable professors, Aristotel Pano and Anastas Angjeli, for their masterly work.

Thank you, distinguished professors, for this valuable book and others we wish to see you publish in the future!

Thank you all for coming today!

 

[1] Eng: “Money, Banks and Society, a historic journey, from genesis to modern days”, available only in Albanian.