ardian fullani : banking system and economic development speech by mr ardian fullani, governor of the bank of albania, at the joint press conference with mr gani gerguri, governor of the central bank of the republic of kosovo, tirana, 12 june 2012. * * * honourable governor gerguri, honourable participants, i am honoured to take part in the proceedings of this joint activity organised by the central bank of the republic of kosovo and the bank of albania. it is taking place during the jubilee year that coincides with the 100th anniversary of albania ’ s declaration of independence. after a long cavalcade of torments and existential discourses, finally both our countries have entered an irreversible process of transformation and convergence to democracy and market economy standards. the respective financial systems have been part of this process, in which thanks to the dedicated and hard work done by both our institutions, the achievements are numerous. the banking industry of both countries has grown rapidly in recent years, enjoying a stable financial health. it has made a significant contribution to the financing of our economies, leading to a stable economic growth over the years. it is my pleasure to see that the central bank of the republic of kosovo is growing day by day, assuming more and more the characteristics of a modern central bank, like its counterparts in the region. let me take this opportunity to express my appreciation for the commendable work done by the central bank of the republic of kosovo ’ s staff, led by my old friend, mr. gani gerguri. i am fully convinced that we have, and will have even in the future, a responsible and committed institution that aims to successfully fulfil its challenging mission and confront with dignity all the challenges ahead. distinguished guests, for a long time, our economies are finding themselves under the global crisis pressure. recently, almost all our trading partners, such as the countries in our region and the euroarea economies are displaying acute symptoms. this situation has induced elevated uncertainties regarding probable macroeconomic implications and contamination of the financial stability of our countries, mainly through the existence of several european banking groups. despite this international turmoil, our economies have succeeded in maintaining a stable performance. consumption and private sector investments have continued to play a primary role in expanding the kosovo ’ s economic activity, while in albania, the external demand has played a primary role. the other indicators have remained in check. however, their trends must be monitored scrupulously and constantly.

. 22 see rebel a. cole, lawrence g. goldberg, and lawrence j. white, “ cookie cutter vs. character : the micro structure of small business lending by large and small banks, " journal of financial and quantitative analysis 39, no. 2 ( june 2004 ) : 227 – 51. also see karen gordon mills and brayden mccarthy, “ the state of small business lending : innovation and technology and the implications for regulation, ” working paper no. 17 – 042, ( harvard business school, december 1, 2016 ), p. 36. 23 see, e. g., carol a. evans, “ keeping fintech fair : thinking about fair lending and udap risks, " consumer compliance outlook ( second issue 2017 ). 24 see lael brainard, “ the opportunities and challenges of fintech ” ( speech at the conference on financial innovation at the board of governors of the federal reserve system, washington, dc, december 2, 2016 ). 7 / 7 bis central bankers'speeches