, and greater financial support from the banking system. this need becomes even more critical considering the expected performance of foreign demand. the positive tendency of albanian exports is expected to persist in 2011, but their contribution to economic growth will be more moderate. this performance will call for the generation of domestic forms of aggregate demand, along the same lines as described above. in the long run, the persistence of structural reforms remains a priority for stimulating the economic growth rates. the bank of albania has constantly called for the restructuring of the albanian economy and the need for a new economic growth model. it should be an export - oriented growth model and it should create a more favourable environment for promoting foreign direct investment at home. increasing economic growth potential is, among others, a necessity against a background of steady employment growth and lower unemployment figures. the bank of albania has been consistent and transparent about the targeted macroeconomic policy approach. we have requested and welcomed the re - orientation of fiscal policy towards bringing the budget deficit down and keeping the public debt level in check. the successful borrowing via the issuance of eurobond is a positive signal for the albanian economy and it will help finance public sector ’ s activity with foreign currency in the short - run. on the other hand, the quotation of the albanian sovereign debt in the international markets will require greater commitment in order to maintain appropriate parameters of fiscal sustainability. pursuing these principles in 2011 budget and in the medium - term public finance framework would be the first right step in this regard. keeping inflation under control will continue to guide our monetary policy judgment and decision - making on interest rates and the liquidity conditions in economy. without prejudice to the primary objective of price stability, we have been and remain firmly committed to providing the possible monetary stimulus to bolster economic growth. lastly, we are scrutinizing the options of supporting this goal with prudent regulatory measures to be adopted in full concordance with financial stability at home.

bank of albania charged a fee for the operations carried out in its windows, and in early december the two - level securities register was placed into function. pursuant to fsap recommendation and with a view to enhancing daily liquidity management, the intra - credit regulatory basis was amended. the new bill “ on banks in the republic of albania ” is complete and ready to be presented to banks for discussion. with the assistance of a specialized international consultation, we believe this shall be a new, contemporary law and it shall identify a number of issues addressed in the form of fsap recommendations. starting from july 2005, the automated electronic clearing house system commenced to operate. currently, we are working on completing the regulatory framework with a view to augmenting the services provided to the economy, aiming primarily at automating utilities ’ periodical settlements. in november, the bank of albania supervisory council amended the regulation “ on licensing nonbank entities ”, aiming at involving all non - bank financial institutions which operate in the territory of the republic of albania in the bank of albania licensing and supervision scheme. in october 2005, the bank of albania supervisory council approved the new organization structure of the bank of albania, placing a major emphasis to enhancing legal counselling, statistical service and public communication. these tree functions are deemed as very significant, in particular when considered in the context of our objectives related to monetary policy and eu integration. another short - term fsap recommendation related to improving bank of albania transparency is now accomplished. every interested person could be informed on the rules that the bank of albania pursues when it intervenes in the foreign currency market or be acquainted with the present agreements between the bank of albania and the ministry of finance. we have been intensifying our efforts to reaching to a rapid and effective solution as regards the credit information bureau. considering it as a very significant recommendation, we have recently added our contacts with the albanian banking association in order to find a quick solution. a concrete action plan on the part of the recommendations directly related to the activity of the bank of albania and its competencies has already been completed and introduced to imf authorities. what i deem as crucial is the complete assimilation of each suggestion made, and based on this absorption we have tried to build up a realistic and fully possible action plan. we believe that the successful accomplishment of the tasks included in the action plan shall be a key factor in enhancing the banking system financial stability. it shall influence the establishment of a modern payment infrastructure, increase