BANK OF ALBANIA

PRESS RELEASE
Promotion of "The Age of Turbulence: Adventures in a New World", a book by Alan Greenspan, former Chairman of the Board of Governors of the US Federal Reserve

Publication date: 03.02.2011

 

On 03 February 2011, a ceremony was organized to promote The Age of Turbulence; Adventures in a new world, a book by Alan Greenspan, former Chairman of the Board of Governors of the US Federal Reserve. The Foreword of this book is by the Governor of the Bank of Albania, Mr. Ardian Fullani. In his address at the ceremony, Governor Fullani said that administration of the Federal Reserve monetary policy by Greenspan, an ardent believer in the free market, follower of innovation and an agile problem-solver, fully justifies the statement that monetary policy is not a science but an art. 'Perhaps for this very reason he was nicknamed 'MAESTRO', an expression used in art and not in finances or politics. 'Wise, convincing, and imposing, at the same time a modest and friendly man, with a profound characteristic voice - this is the image I keep with me of the great Chairman Greenspan, the man who moved the markets', - the Governor said.

Moreover, the Governor of the Bank of Albania underlined that, directly or indirectly this book reflects many insights on some of the challenges and objectives that the economy is currently facing.

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Prompted by conclusions of the author, Mr. Fullani listed some of these issues such as: Central Bank independence, continuation of structural reforms, regional cooperation and necessity to attract foreign investments.
It is essential that a central bank be independent, transparent, responsible and yet not isolated. Coordination with other decision-making institutions is important.  
Equally important is the progress of structural reforms. According to him, foreign investments and structural reforms are vital to a country's economy. In order to enhance efficiency of reforms and attract foreign investors, countries of the region need to strengthen their cooperation. This is the only way for our region to become proportionate to an economy of scale.


'The time is ripe for all of us to release positive energy and believe in innovation'- underlined the Governor. 

The Albanian Minister of Finances, Mr. Ridvan Bode, Members of Parliament, managers of the banking system, representatives of the business community, economists, media representatives, and journalists attended the promotion ceremony.

The Age of Turbulence: Adventures in a New World comes for the first time to the Albanian readers. It narrates the unusual confrontation of Alan Greenspan with today's financial world, closely related to his personal experience and his work. He has served in office for a longer period and with more efficiency than any other living prominent figure. Following his extraordinary life journey for more than eighteen years as Chairman of the Board of Governors of the Federal Reserve, Greenspan, especially in the second half of his book, takes us into an excellent journey in the global economy. A personification of wisdom and sharpness and an elegant expression of a coherent worldview, The Age of Turbulence contains the biggest personal and intellectual legacy of Alan Greenspan.

For almost 18 years, Greenspan has been a salient figure of the world's economy. Alan Greenspan was born on 6 March 1926. He is one of the most renowned economists in the international arena. For the first time, Greenspan was appointed Chairman of the Governors Board of the Federal Reserve by President Reagan in 1987. He served for several consecutive four-year terms in office until his retirement on 31 January 2006.