to justify our actions. lastly, the new act grants us greater freedom in the choice of instruments to manage our monetary reserves. as you know, the national bank has considerable monetary reserves. these reserves, which are a national asset, are essential for pursuing an independent monetary policy by reinforcing confidence in our currency. they are thus instrumental in ensuring its stability. it is crucial, however, that these reserves be managed effectively and with due regard to liquidity and security requirements. over the next few weeks, we will define to what extent we wish to take advantage of the investment possibilities offered by the new act. we will present our plans on this matter at our press conference on june 17. conclusion the swiss economy has enjoyed a high degree of monetary stability for some years now, and this advantageous situation should last for a number of years to come. while the international environment in which we operate has improved, it remains unstable. we cannot rule out fresh setbacks. however, we can count on the significant adaptability of our companies and look to the future with confidence. nevertheless, our high standard of living in international terms should not lull us into complacency. in recent decades, we have seen our position among the leaders of the most highly developed countries eroded. corrective measures are necessary. let ’ s be clear : the main threat to our prosperity does not come from abroad, where the “ made in switzerland ” label is still a success when it is associated with quality. the threat comes from within switzerland. take, for instance, our excessive predilection for regulations - often an invisible barrier to the free play of competitive forces - and our hesitation to fully accept an international environment that is more competitive and innovative than it was 20 years ago. the guiding principle for our structural reforms should be : more competition and fewer regulations. we have to have the courage to take this path in order to durably enhance our economic growth. this is essential to the balanced development of our economy and to the confidence that each of us feels in the future. it is with this wish that i conclude my remarks. thank you for your attention and for the interest you show in the national bank and its activities.

authorities should continue working to improve the credit environment, among other things, by strengthening contract enforcement, implementing new legal and sublegal procedures related to collateral execution, and completion of the remaining duties under the national programme for the reduction of non - performing loans. the signing of a memorandum of cooperation in the field of banking supervision, between the european central bank and the bank of albania, will facilitate the exchange of information and enhance the security of european banking groups that operate in albania. likewise, the completion of the restructuring and consolidation process of the banking sector, which has had and will continue to have our attention, is an additional guarantee in this regard. in parallel, the development of other segments of the capital markets should be further encouraged, yet with prudence, so as to avoid missteps, and in harmony with supervisory and regulatory norms and standards for the banking sector. second, the structural reform agenda should be accelerated. 2 / 3 bis central bankers'speeches the second phase of this reform should aim at improving the education and know - how of the labour force, creating a legal, political, administrative and fiscal environment that attracts foreign developments and encourages domestic ones, and increasing the integration of albania ’ s economy with the regional and european development infrastructure. third, the opening of accession negotiations with the eu should be viewed as a primary instrument for the advancement of albania ’ s development. the bank of albania judges that the fulfilment of the criteria for opening accession negotiations and the rigorous implementation of reforms that this process imposes should be the focus of the entire political spectrum in albania. thank you for your attention! 3 / 3 bis central bankers'speeches