In the European context, our colleagues from De Nederlandshe Bank and Banco de Portugal, Mr Michiel van Doeveren, Mr Rui Pimentel, Mr Carlo Winder and Mr Richard Derksen will provide relevant information about the ongoing changes in payment systems and services in Europe. Thus, a discussion will be developed about the three main pillars of the Strategic Vision 2020 of the Eurosystem: achieving a consolidated Eurosystem market infrastructure by bringing the two infrastructures TARGET 2 and T2S closer together, harmonization of its own collateralization techniques and procedures and development of pan-European instant payment services. In addition, the latest developments in the legal spectrum regulating payments at European level, with special emphasis on PSD2 Directive, will be elaborated. BIS central bankers’ speeches  1  Also, significant attention will be paid on developments in safe and secure payment services as well as the conceptual and practical issues regarding the oversight on FMIs. On the national level, our efforts are focused on the harmonization of the Macedonian legislation with the EU regulation. The new Law on payment services and systems and related bylaws will implement PSD and part of the provisions from PSD2, Settlement Finality Directive and E-money Directive. Thus, a panel discussion is scheduled where esteemed representatives from the payment service providers, NBRM and experts from Slovenia, Mr Peter Centrih and Bulgarian expert, Mr Antonio Barzashki will elaborate the new package of Macedonian legislative on payments.

The above-stated situation served to test the efficiency of the measures on securing liquidity. On the other hand, they promoted the spirit of solidarity and fair competition among banks. Another important aspect of our work was the contribution in the framework of Albania’s approximation to the European Union. In 2015, we intensified the cooperation with the European Central Bank, ESCB central banks, and other European bodies dealing with financial regulations of the Union, notably the cooperation agreement with the European Supervisory Authority. We strengthened, at the same intensity, the cooperation with the International Monetary Fund, World Bank and Bank for International Settlements, and regional central banks. The Bank of Albania has also undertaken concrete steps about the development of payment systems. The National Committee on Payment Systems was established in October 2015. This is an inter-institutional committee that will contribute to enhancing the security, stability and efficiency of the national payment systems in Albania. The Law on Savings and Loan Associations (SLAs) has been drafted and is pending approval by the Parliament. This law regulates the licensing, supervision and activity of the SLAs in compliance with the best standards. In close collaboration with the Albanian Deposit Insurance Agency, amendments to the Law on Deposits Insurance have been drafted. These amendments consist in new norms addressing the SLAs and include legal persons in the insurance deposits scheme. The past year was successful also regarding the information technology. Although such projects are less visible to the public, they are of key importance.