Second, the Basel Committee and IOSCO developed core principles and practice guides for prompt information sharing on cyber incidents and cyber threat intelligence among banks and securities firms respectively. National laws were amended, where necessary, to facilitate information sharing across these financial institutions without incurring legal liability. Global platforms were put in place to facilitate information sharing among central banks and regulators to counter cross-border cyber threats of the kind that triggered the Global Cyber Crisis. Through these platforms, financial regulators are able to quickly disseminate useful cyber threat information to banks and securities firms so that they can take pre-emptive measures. These platforms built on the success of the earlier Central Banks, Regulators and Supervisory entities or CERES platform of 2018 which enabled effective sharing of actionable cyber threat information. But the enemy has not been lying still. Hackers are now employing more advanced quantum computing technologies, and a number of weaker encryption solutions used by financial institutions have been compromised. Cybersecurity continues to be a cat-and-mouse game. There is no room for complacency. Conclusion Let me conclude. The financial system today is more robust and resilient than it was 20 years ago. The wide-ranging regulatory reforms following the Global Financial Crisis have stood us in good stead. There is broad consensus across industry and the regulatory community on the value of sound regulation and risk management. But the financial landscape has also transformed dramatically over these two decades. The rise of FinTech has changed the face of financial services.

We have also carried out a comprehensive review of the supervisory and regulatory frameworks, to better address the risks to the banking sector: operational risk, market risk, credit risk and liquidity risk. Finally, we have actively participated in an international forum for addressing this phenomenon, known as the Vienna Initiative, and have enhanced our communication with international partners and home-country regulatory agencies. Third, we have spent a lot of time and energy administering a consolidation process in the banking sector. As a result of this process, which may now be considered as finalised, the number of banks has now been reduced to 12. This has created the premises for the banking sector to be more motivated to lend, innovative in terms of products, and more competitive in terms of cost. From a broader perspective, the Bank of Albania has worked on improving the regulatory architecture of the financial system in Albania and strengthening financial safety nets. Together with other public agencies, we have, established the Financial Stability Advisory Group; improved the legal framework for the functioning of the Deposit Insurance Agency; approved the Resolution Law; drafted a sub-legal and regulatory framework; and, established the necessary structures for them to function. In parallel, we have adopted a modern framework for formulating and implementing the monetary policy, and steadily maintained an accommodative stance. Monetary stimulus has enabled the financial environment in Albania to be transparent, and have low interest rates, ample liquidity and moderate exchange rate fluctuations.