PRESS RELEASE
Speech by Ardian Fullani, Governor of the Bank of Albania at the Opening of the Bank of Albania's Exhibition entitled "100 Years of Independence: Our History Reflected in the National Currency", National Historical Museum, 25 October 2012

Twenty years ago, in February 1992, the governments of 12 EC member states signed the Treaty of Maastricht, through which they committed to adopt a common currency.

Ten years ago, on the New Year's Eve 2002, the lights of the European central banks' top floors never turned off. The governors and their closest collaborators slept very little. The preparations for the launch of the Euro were punctual; however, this experiment had never been tested before. There had not been any similar actions they could base on and the variables at stake were numerous.

Twenty years ago, we, Albanians, re-experienced significant historical changes, showing no less powerful concerns and enthusiasm than that experienced by our predecessors founding the Albanian State 100 years ago.  In this marked year for the European monetary system, significant economic changes took place in Albania. This transformation gave life to the two-tier banking system and paved the way for the establishment of a modern central bank in features and functions.

The last 20 years witnessed the unprecedented quality of an independent central bank, as one of the cornerstones of the Albanian state, and its efforts over the years to preserve the value of its national currency, the Lek.

Surely, the progress achieved by the Albanian economy in the last 20 years has not been similar to the one achieved by our European neighbours; however, the developments clearly show that it is a developed market-oriented economy aiming the final integration to the European Union. This period has pointed out the importance of structural reforms in the Albanian economy, making it more competitive and hedged against the crisis. 

By hosting this exhibition celebrating Albania's 100th Anniversary of the Declaration of Independence, the Bank of Albania is proud to remember one of the major aspects of the country's state formation process, which does not usually receive the same attention as do the political and military events, or the real economy developments. This aspect refers to the history of our national currency.

In addition to the exhibition's theme area dedicated to monetary circulation during antiquity, dating back to the 4th century B.C. when the first domestic coin was minted, we also want to draw your attention to that part of the exhibition dedicated to the circulation of the major European currencies in the Albanian historical territories. An additional and no less important message this exhibition seeks to convey is that the history of Albania is closely linked to that of the rest of the old continent, to which it undisputedly belongs - despite the historical consequences - is pre-determined to be a European one.

Although our national currency could not be instituted as the currency of the Albanian State soon after the Declaration of Independence, its historical events and hardships provide enormous contribution to telling the history of Albania, amid times of hope and trouble. Being one of the most important symbols of a sovereign state, the issue of the national currency of Albania and, consequently, the establishment of a national central bank was one of the main projects and aspirations of Albania's academics and ideologists. 

Thanks to its national currency, Albania aspired to enjoy economic independence, in addition to the political one. It would contribute to developing Albania's economy and firming up its independence. In his speech held a few days following the signature of the agreement on the establishment of the National Bank of Albania, Ismail Qemali said:  'As any man, who, no matter how rich he is, needs to borrow, indeed, by his loans you can understand the magnitude of his honour. Similarly, the countries need to borrow and they take pride in the loans they have in the overall stock exchange'. This quote from Ismail Qemali is as old as it is relevant today. What has been proven today is that the countries' sovereignty depends on the price of government bonds in the market. 

Dear guests,

The history of the currency is as old as the earth. Who would have ever thought that axes were the main medium of exchange in our region as a substitute for money in ancient times?

I also believe today's Europeans, the German, Dutch, French and Italian people, would be surprised if anyone told them after World War II that their Deutsche mark, Dutch guilder, French franc and Italian lira would no longer be legal tender by 2010, and that they were to be replaced by a common currency called the Euro. To everyone's surprise, the Euro was the first currency with no nationality. Bridges, maps, arches, buildings and stars replaced the images of kings, leaders and distinguished scholars. What surprised the most was that, from a single country's responsibility, it turned into a common responsibility.

In 1855, Victor Hugo predicted: "A continental currency, with a dual metallic and fiduciary base, resting on all Europe as its capital and driven by the activity of 200 million men: this one currency would replace and bring down all the absurd varieties of money that exist today, with their effigies of princes, those symbols of misery."
However, this currency still has a long way to go. Similarly, our journey with the Lek is still long.

The features, quality and technical characteristics of money are part of its credibility. However, its purchasing power is what characterizes the real value of money. In the last 20 years, the Bank of Albania has managed to ensure a fit and credible currency, dear to all Albanians. 

Lastly, I would like to underline that this has been an important year for numismatics. A new series dedicated to Albania's 100th Anniversary of Independence has been launched and presented in today's exhibition.

I hope through this exhibition we have created an idea for the journey of our national currency and, consequently, of the current monetary system. I also hope all visitors will wish to revisit similar exhibitions as the Bank of Albania's museum will be opened soon. In order to carry out this project, we addressed to historians, economists, librarians, archivists, artists, communication experts and national and international architects.

The final outcome will derive from the meticulous cooperation between the academic sphere, institutions, cultural industry and the Bank of Albania. I believe the cooperation to store and expose the national values is the proper message to convey on the verge of Albania's 100th Anniversary of Independence.