The Review will explore ways to improve market transparency, competition and trading infrastructure. Principles of fair markets, codes of conduct for specific markets, and even regulatory obligations can all help. There must be clear consequences – including professional ostracism – for failing to behave properly. In global markets, these are not things that any country can achieve on its own. Global solutions are needed. That is where the FSB, working with IOSCO and others, can play a role in delivering fair and effective markets on the global stage by forging international  21  See Dudley (2014). 22  See Bank of England (2014a). 23  See FSB (2014c). 10  BIS central bankers’ speeches  agreement on common standards and structures and co-operation between authorities. International firms must play their part too. Only with such global action can we begin to move on decisively from the scandals of recent years to slowly rebuild slowly the trust of society in finance. We must build trust in other ways too, including the trust of financial markets in the safety and soundness of the firms operating in those same markets. Banks’ internal models proved woefully inadequate in the crisis, and there remain worryingly large differences in banks’ RWA calculations that cannot be adequately explained. That is why the plan the Basel Committee announced earlier this month to address these differences and to balance the risk-sensitivity and complexity of capital calculations is so important.

This blow required a quick and comprehensive response of the public authorities, both in terms of health and economic and social. In addition to fiscal easing measures, the Bank of Albania undertook a comprehensive package of measures to provide the necessary liquidity to the banking system, to boost lending and to control debt service costs. This package includes: 2/3  BIS central bankers' speeches  reduction to 0.5% of the key interest rate and unlimited supply of liquidity to the banking system; temporary easing of banking regulations, to enable the temporary postponement of the payment of loan installments to customers in difficulty and the consensual restructuring of loans to customers with solid business prospects, helping business finances and increasing their chances of survival; elimination of operating costs of the electronic payment system, in response to the increasing demand for this type of activity; increase operational capacity to guarantee the supply of the economy with physical money. In response to these measures, financial markets continue to function normally, despite increased public sector demand for financing and increased uncertainty in the economy. They also enable and complement the fiscal package of the Albanian government. In economic terms, coordinated fiscal, monetary and macroprudential measures have partially mitigated the negative effects of the pandemic. However, the challenges ahead remain serious. In our judgment, the Albanian economy has the premises to successfully withstand this blow. However, this requires that all public actors and private sector operators make the right decisions, in a timely manner and in the most coordinated manner possible.