adversely impacted during downturns as growth slows, banks ’ balance sheets weaken and financial integration goes into reverse. to underpin the financial and fiscal spheres with strong growth, we need to reflect on how to bolster the implementation of structural reforms – an area which has seen lacklustre progress in recent years. as we look for ways to increase potential growth, brexit also reminds us of the opportunities available by deepening the single market – the “ e ” in emu. with the departure of the united kingdom and its 66 million citizens, the single market will obviously shrink, but it has always had two dimensions which can be leveraged to increase its benefits. one is its geographical size ; the other is its depth. so it is crucial that we complete the single market for services and expand its reach into new areas, especially those that are relevant for innovation, such as the digital economy. this is an essential driver of economic progress that benefits consumers, businesses and the economy as a whole and will also provide a healthy ecosystem for financial services. 6 conclusion let me conclude. the unifying theme of the three priorities i have outlined today can be summarised by looking at the nature of the single market. in a nutshell, the single market – including for financial services – provides a framework in which integration is accompanied by supervisory and regulatory convergence through common rules and institutions. it is this landscape of rules and institutions which provides the necessary protection for people and businesses to engage in cross - border activities. it is a framework that has delivered tremendous benefits to its members. it is extremely valuable and needs to be protected. whatever the outcome of the negotiations with the united kingdom, the integrity of the single market must be ensured. and we should constantly show the public how our reforms will benefit 4 / 5 bis central bankers'speeches ordinary people. brexit underscores the need to move ahead with securing all facets and institutional foundations of our union. a union which has led to peace on the continent. a union which has provided great benefits for the people of europe, increasing living standards across member states and bringing them closer together. but this great european project has to do more than just reflect on its past achievements. it needs to continue improving itself to deliver visible benefits for people ’ s day - today lives. i am confident europe will once again rise to the challenge. thank you. 1 see, ecb ( 2017 ) financial stability review, may, box 1. figures relate to

in the framework of the national plan for the reduction of non - performing loans. in view of this goal, the bank of albania has : ( i ) prepared a draft - regulation on the out - of - court treatment of non - performing borrowers ; ( ii ) extended the requirements for using official financial statements in the assessment of credit risk for all categories of borrowers ; ( iii ) initiated measures for improving the credit registry ; and, ( iv ) started work for harmonising credit reporting in accordance with international standards. the bank of albania has initiated concrete measures to promote the use of the domestic currency in our financial system and has continued working on the development of the macro - prudential policy and on establishing early warning systems for systemic risks. increased attention has been paid to the oversight of the implementation of measures for the prevention of money laundering, in cooperation with the directorate general on the prevention of money laundering. the final evaluation report of the committee of experts on the evaluation of anti - money laundering measures and the financing of terrorism ( moneyval ), rated the effectiveness of financial institutions as “ substantial ”. in particular, banks show they know well their legal obligations and risks, and have generally taken due measures commensurate to the risk level. the evaluation process was accompanied by a plan of measures for addressing the main problems ; their implementation will continue in 2019. in the capacity of the resolution authority, in 2018, the regulatory and procedural framework for resolution planning was prepared and the compilation of individual resolution plans started. also, in 2018, the resolution fund was established and the procedure for its management was put in place. lastly, i would like to reiterate that safeguarding financial stability is a responsibility not only of the bank of albania, but also of other regulatory agencies and the government of albania. policies and measures for safeguarding financial stability and strengthening banking system ’ s resilience require that all parties continue the coordinated, inter - institutional and multi - dimensional efforts. 3. improvement of financial markets and payment systems in view of its duties and commitments, the bank of albania has continued to promote the development of the financial market and to improve further the payment system. thus, in cooperation with the ministry of finance and economy, the project for promoting the development of the primary and secondary markets for government securities continued 3 / 5 bis central bankers'speeches successfully. this project paves the way for deepening the financial market, expanding and diversifying the base of investors in government debt and reducing its cost