Also, the objectives under the IPA-2009 project on “Regional statistical cooperation programme for the Balkans countries” were successfully completed and project coordinators have commended the Bank of Albania. Other (research, human resources, communication and transparency, integration process) In addition to fulfilment of legal duties, the Bank of Albania is committed to attaining other objectives that help in completing a modern central bank’s role in economy. Bank of Albania intensified its research and academic activities in international arena during 2012. Worth of note is the 10th International Conference on “Monetary Policy: From the past to the present”, which was coordinated with other activities in the framework of the 100th anniversary of Albania’s Independence. Also, through the Institute of Economic Studies, we have promoted the broad interest of Albanian and foreign researchers, and have organised two regional workshops. Since some years ago, the Bank of Albania has put on focus of its development plan, the improvement of bridges of communication with the public and enhancement of transparency. During 2012, we continued to complete the published information and diversify it according to target audience. We built up contacts with the media and intensified our efforts in financial education, aiming to increase financial literacy and clearly transmit the Bank of Albania’s messages. The Bank of Albania was an active participant in fulfilment of obligations arising from the SAA, Central European Free Trade Agreement, and other national commitments. BIS central bankers’ speeches  5  International authorities have assessed the Bank of Albania’s work progress as positive.

These prospects are favoured by natural resources and low labour costs, but above all, they must rely on our opportunities and abilities to be integrated into the value-added chain of the European economies. The road ahead is long and arduous. In short and medium term, it needs political will and wisdom to carry out reforms, and increased attention to issues of Albania’s macroeconomic and financial soundness. In the long term, the structure of the Albanian economy should be more aligned with those of the European countries; economic growth should be based more on production factors  6  BIS central bankers’ speeches  productivity, and Albanian businesses should pay more attention to finding and exploring new markets. Being heedful and aware of the challenges ahead, the Bank of Albania has started to analyse new tools and techniques to fulfil its mission. Pinpointing the economic slowdown as the main risk facing the Albanian economy and financial system, and assessing the role of bank credit to economy, on March 2013, the Bank of Albania adopted a set of macroprudential measures oriented toward promoting lending and lowering banking system risk. Briefly, these measures consist in easing capital requirements to boost credit, easing liquidity requirements, reducing provisions for restructured loans, and increasing capital requirements for assets abroad above the rates required by the Bank of Albania. These temporary measures are another sign of our willingness to accomplish the mission and our legal duties.