christian noyer : no one should, nor can, manipulate their currency – interview in le figaro interview with mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, in le figaro, paris, conducted by ms isabelle chaperon, ms bertille bayart and mr jean - pierre robin on 9 november 2010 and published on 11 november 2010. * * * interview – on the eve of the g20 in seoul, the governor of the banque de france advocates an “ orderly and calm ” discussion on the international monetary system. le figaro – last week, the us federal reserve pumped usd 600 billion into the economy. this decision has been harshly criticised. how do you view it? christian noyer – we raised this issue last weekend at the bank for international settlements in basel. fed officials explained this action in the light of their mandate, their goal of reviving the us economy and the risk of deflation. they assured us that they had no deliberate intention to devalue the dollar. and i have no reason not to believe them. le figaro – the fed seems much more accommodating than the ecb... are the economic situations so different? christian noyer – saying that the fed is very accommodating and the ecb very stringent does not reflect reality. in europe, our monetary policy is still marked by the non - standard measures tailored to the structure of our economy. in this respect, we do not think there is any risk of deflation in the euro area, or inflation for that matter. furthermore, the united states may be substantially below its long - term growth potential, whereas the euro area is relatively close. le figaro – nonetheless, the dollar is sliding and we seem to be moving away from the close cooperation seen between central banks during the crisis... christian noyer – first, everything does not come down to the dollar. for example, there are emerging countries that, by not being sufficiently flexible in their exchange rate policy, have monetary policies that are inappropriate and create risks to inflation and growth. moreover, while each central bank is pursuing a policy appropriate to its country ’ s situation, nobody wants to move away from the goal of consistency. we are all committed to ensure a framework for balanced growth, and that commitment remains just as strong. as reiterated at the last meeting of g20 finance ministers and central bank governors, no one should or

ardian fullani : monetary policy challenges in the framework of approximating the bank of albania to the european central bank greeting speech by mr ardian fullani, governor of the bank of albania, at the workshop organised by the bank of albania in cooperation with the gtz, tirana, 8 december 2004. * * * honorable participants, i would like to express my pleasure for participating in this meeting, whose topic has been of great interest to me, and not accidentally i expressed in my first public pronouncement the approximation of the bank of albania to escb pattern as one of my essential challenges. i had the possibility to discuss this issue even with the vice president of the ecb, mr. papademos, at a meeting in frankfurt, where i launched the idea to be assisted by the ecb and member banks of the escb on approximating our system with the european one. trying to spare the time for other discussions of interest in this meeting, i would like to briefly mention some of the main steps to be undertaken by the boa in the integration process with the european system of central banks, a process that requires not only time, but also dedication, lobbying, financial resources and above all, capable human resources. 1. reviewing the legal and regulatory framework of the bank of albania and of the financial system in albania in integration process, the reviewing of laws and by - laws is of priority, particularly in the context of the prerequisites that a country aspiring for membership has to meet in the central banks area, in financial and banking system and even broader. in spite of the so - far achievements, much work has to be done. therefore, the identification of our needs and priorities in this direction would serve as the first step. the bank of albania is not the sole authority in supervising the financial operations licensed in albania. in this sense, the reviewing of laws and bylaws, involving not only the banking system but also the financial one, would open the way to more effective supervision of the overall financial system. this process would serve not only to further develop the financial system but also to assist in increasing the institutional cooperation between the banking and financial system, thus leading the cooperation between these systems to a higher level. 2. reviewing the organizational and institutional system it is natural that the pattern to be pursued is that of the ecb and escb. in this issue, much importance will be given to the institutional development of the bank of albania over the mid - term