To provide a longer-term response to stable economic development, public authorities should speed up to design and implement stronger development policies, which in the medium run enable establishment of a better equilibrium in the contribution of various sectors to economic growth, which raise competitiveness of our economy and make it more formal. To find better development equilibriums even in the financial system, it would be necessary to draft policies that would promote a faster development of the non-bank financial sector and would support creation of capital and debt markets for private entities. Accomplishment of these objectives would preliminarily require strengthening of financial reporting standards; completion, accuracy and improvement of law-enforcement in terms of business relations development; as well as a better protection of creditors’ and consumers’ rights of financial institutions and products. In practical terms, these measures would expand financing resources for economic development, thus relatively decreasing its dependence on the banking sector. Also, public authorities should, through a close cooperation among them, review and improve the framework of measures for efficiently withstanding the extraordinary financial situations, being ready to engage the necessary financial, human and technological resources and carry out necessary legal and regulatory changes. Dear heads of the Albanian banking system, The events we have experienced in these 12 months make us believe that prior-to-crisis economic and financial balances are likely to shift to a new equilibrium.

From this viewpoint, it is deemed that actions to monitor the overall price performance of non-financial assets, the way of estimating them and recording them to bank balance sheets have been insufficient to pre-empt unjustified increases and to avert their procyclic moves. All these elements are regarded as conclusions that go beyond certain jurisdictions and require a global response in the context of increased financial integration and ongoing economic globalization. Emerging market economies are affected differently from this turmoil. The crisis shudder hit harder the countries with an economy damaged from macroeconomic and financial policies, with decreased competitiveness, reduced space for financial stimulation, with an unbalanced economic growth or an underlined dependence on foreign financing resources to stimulate an unrestrained economic and financial expansion. In the face of an extremely difficult financial situation, spread swiftly on the entire real sector of the global economy, public authorities of advanced economies took extraordinary actions to ensure financial market functioning and attenuate the financial distress. Through central bank actions, low-cost liquidity was injected into the markets, while governments took extraordinary actions to provide backup capital to financial institutions and to support domestic aggregate demand. Moreover, some emerging market economies, with robust economies and with an upward share to the global economy, have supported the domestic demand through their stimulating policies and have preserved their economic growth, playing an important role in mitigating the global crisis consequences.