framework requirements on operational capitalisation and liquidity, as well as bank ’ s overall operational risk management methodology will continue to be an ongoing supervision priority. this process is oriented by the common objective to maintain banking and financial systems stability. the bank of albania remains committed to cooperate with the banking sector to achieve successfully this objective. as in previous years, the bank of albania will make the appropriate decisions to ensure that its fundamental objectives to maintain price and banking sector stability are constantly accomplished for the country ’ s stable growth in the long run. thanking you for your valuable work, i wish you a new year full of successes in your work and happiness in your families! thank you! bis central bankers ’ speeches

risk in sovereign debt is accompanied by huge efforts on fiscal consolidation in many countries, especially in europe. hence, eu economic growth expectations, including those for countries that had, insofar, posted above - average economic growth, were markedly down. it appears that the best solution for this situation will come only as a result of various countries ’ ability to undertake, at this point, vital social and economic reforms as well as to provide financial support so that, on the one hand, financial stability is maintained and, on the other hand, private enterprises are provided with some relief, thus affecting their future economic development expectations. albania ’ s economy maintained its positive growth rates during this period, to absorb external shocks. this flexibility is a precious characteristic that will continue to support the country ’ s economic development and buffer effects from various shocks, even in the future. it is important for the banking sector to utilise and support this valuable attribute of economic agents, both private and public, offering them a constant satisfaction of their needs for funding and other services. this action should rely not only on the insofar - successful experience, but also on an economic logic, while only a few countries in the region have retained their positive economic growth rates. nevertheless, the economic environment will remain a challenging one and it should be assessed pragmatically. various actions that may be taken should be oriented by the concept of prudence and in respect of regulatory and supervisory framework requirements. i would like to underline that a responsible bank management during this period will be recognised by its ability to control and administer operational risks in general and your swiftness to develop institution ’ s capacities to test the resilience and performance in various scenarios of potential future developments in particular. international standards require that the focus be not placed on planning highly probable events, but on the assessing the institutions ’ resilience to relatively extreme and unfavourable developments. bis central bankers ’ speeches moreover, this process should be part of a broader and constant analysis that you need to conduct with a view to assess your needs for stable operational capitalisation and define safeguarding measures. these requirements are actually present in the regulatory and supervisory framework and the bank of albania stands ready to share with you its experience for effective development. in conclusion, allow me to say that the bank of albania is in the process of perfecting the supervision regulatory framework, in the context of its cooperation with the european system of central banks. however, full and timely respect of legal and regulatory