The way of using privatization receipts should not only support the short-term economic growth objectives, but should also affect the economic operators’ expectations for stable economic growth in the future. The latter can be achieved by using additional revenues to reduce debt levels and support reforms for structural changes in the economy. Dear participants, Currently, we are of the opinion that the concept of long-term development strategies of a deeply national character is an important issue for the stable long-term growth in our region. Lacking a regional perspective does not favour the individual success of small economies in the global economy. The process of connectivity and integration of transport infrastructure should continue with the integration of development strategies, capital markets, the labour and primary commodities, and energy infrastructure. Our economies are vulnerable and contaminable  2  BIS central bankers’ speeches  from global developments because they are small economies in an economic region fragmented and dependent on foreign inflows in the form of investments, exports and remittances. Increase in the market share, ease in production factors mobility (capital, labour, and raw materials), integration of financial and payment systems, integration and coordination of scientific and educational curricula and addressing of challenges from a regional perspective would make the region an attractive and integrating economic place. This integration would identify the comparative regional advantages, enhancing at the same time the competitiveness of each of our economies.

Ardian Fullani: Competition versus risk-taking in the banking sector in SEE countries Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the conference on “Competition versus risk-taking in the banking sector in SEE countries”, organized by the Central Bank of the Republic of Kosovo, Prishtina, 5 October 2012. *  *  *  Honourable Governors, Dear participants, Regular regional meetings are a good opportunity to discuss economic and financial developments in our countries. They help identify the similarities and differences among us, and the economic and financial policies we need for solving the problems we encounter. The geographic position and economic relations with the same trade partners are factors that have led to similar economic and financial developments across our countries. They have determined the nature and size of contamination from the global economic crisis, in general, and the euro area crisis, in particular. The impact of the crisis on our countries has often been the main topic of discussion in such meetings. Macro-financial difficulties and uncertainties in the euro area render the actual European crisis the main focus of this meeting as well. Actual operations and commitments of the European Central Bank consist in a wide range of instruments that European authorities may use to support financial markets and institutions. Investors, however, are still waiting on additional decisions which will be more harmonised and stronger politically. The economic situation, especially in Greece and Spain, remains difficult, whereas Portugal and Italy have undertaken additional fiscal consolidation programmes.