order to fulfil the new requirements. but all our commitment will result in more transparent and more stable markets which will better serve all market participants in the future. 4. transparency is the crucial cornerstone of each regulation transparency is a very important issue within the entire regulatory process around otc derivatives markets. supervisors but also market participants need more reliable, transparent bis central bankers ’ speeches and accessible data on the derivatives markets. and they will profit a great deal from the reporting obligation to trade repositories established under both emir and dodd - frank. we expect reporting to trade repositories to work out next summer. the necessary technical details will be confirmed by the european commission soon and the registration approval process by esma will also start. but mifir, too, will increase transparency since it requires pre - trade transparency for derivatives traded on organised trading venues. the future findings from the data gathering will be helpful for further reviews of the regulation and possibly new regulatory efforts. 5. closing remarks european and national legislators have made good progress in regulating the otc derivatives markets. but further efforts have to be taken to complete the process embarked upon in the light of the g 20 commitments. the dialogue between regulators and market participants therefore must be continued and intensified. thank you for your attention. bis central bankers ’ speeches

weaknesses of the albanian financial system. therefore, the bank of albania suggests that taking immediate measures to control this debt would contribute significantly to reducing uncertainties and risk premia in the economy. taking advantage of the opportunity, we reiterate the need for putting in place a reliable and transparent fiscal rule. this is the best way to discipline the fiscal policy and preserve the trust of financial markets about the albanian public debt in the long run. data on the external sector of the economy show that foreign demand contributed positively to albania ’ s economic growth and to trade deficit narrowing during the first half of the year. this behaviour was due to the 17. 4 % annual growth in exports and the 6. 3 % annual decline in imports over the same period. consequently, the trade deficit dropped 22. 2 % over this period. the insofar adjustment of the trade deficit is a positive development of the albanian economy. however, this deficit reduction is heavily thanks to transient factors. detailed analysis of trade exchanges confirms high concentration of albanian exports in certain geographical regions or in certain product groups and their low value added. for stable growth of exports and sound adjustment of the trade deficit, the policy - makers ’ attention should focus on increasing the competitiveness of domestic products and expanding the base of exports through accelerated structural reforms. financial market developments have reflected the low risk premia and inflation, hence enabling better transmission of easing monetary policy signals that started at the beginning of this year. interbank interest rates have performed in line with the key interest rate, with slight volatility. the primary market yields on government securities have dropped sharply, particularly on longer - term maturities. over the last months, the interest rate cut was faster on deposits but lower on loans. interest rates on loans responded more slowly than other market rates due to low lending to economy during the last months. monetary developments highlight continuation of weak inflationary pressures in the economy. the annual money - supply growth acceleration reflected primarily the private sector ’ s added demand for financing over the last two months. also, households ’ and businesses ’ demand for money remained weak. private sector credit slowed down sharply, and at the end of may it was 0. 2 % lower than a year earlier. the weak lending performance bis central bankers ’ speeches is increasingly reflecting the businesses ’ lower demand for loan, alongside the tight lending standards. meanwhile, the past three months recorded households ’ higher demand for loan, hence signalling a probable revival of this loan. our projections for the economic outlook support