Ardian Fullani: Economic and monetary developments in Albania in 2010 Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the Parliament presenting the Annual Report of the Bank of Albania, Tirana, 9 June 2011. *  *  *  Dear Madam Speaker, Dear Members of Parliament, It is a pleasure for me to be here today to present the Bank of Albania’s opinion on economic and monetary developments of the past year. Pursuant to legal requirements and our institutional commitments to enhancing the central bank’s transparency and responsibility, in this presentation I will share with you the main highlights on Bank of Albania’s activity over 2010. This activity, in its entire spectrum, aimed to fulfil our mission and legal obligations, and reflect the Parliament’s recommendations for 2010. Let me begin my presentation with a brief overview of our conclusions. During 2010, the Albanian economy experienced an overall positive performance. The economic activity posted growth, while the macroeconomic stability and financial health indicators improved. Economic growth reflected mainly the foreign demand for Albanian products and services, affirming, above all, the dynamism of our private sector. It was also supported by a sustained macroeconomic environment, with downward risk premia and improved liquidity indicators. In particular, reflecting developments in the financial and real sector of the economy, as well as our monetary policy, consumer price inflation remained in line with our 2010 target.

Dimitar Radev: Addressing underlying issues of cross-border investment in the EU Publication by Mr Dimitar Radev, Governor of the Bulgarian National Bank, in "Views The EUROFI Magazine". The magazine were disseminated during The Eurofi High Level Seminar 2017 before ECOFIN, Malta, 5-7 April 2017. * * * We are witnessing a downward shift in cross-border investment in the EU, while the EU current account moved to positive territory in recent years. The savings-investment mismatches, therefore, are at the heart of the conundrum we face in developing the cross-border investment in the EU. Several initiatives to address this issue have been launched, including the Investment Plan for Europe, and the European Long-term Investment Fund. A large-scale new initiative is the establishment of the Capital Markets Union intended to further enhance the mobilization of capital and its channeling to companies and infrastructure projects offering new opportunities for savers and investors across the EU. A few other initiatives are under consideration, including the creation of a European Savings Investment Fund. However, the results of all initiatives have been mixed so far, and cross-border investment is stagnating. Before moving forward we need to better understand the underlying factors behind recent developments. The current initiatives look technically sound, but the lack of sufficient progress in their implementation reveals a number of remaining underlying issues. These include: (i) the unfinished agenda with regard to banking and financial integration; (ii) slow progress in real convergence; and (iii) limited availability of adequate infrastructure and innovation projects.