in the code into two parts. the first phase covers areas such as ethics, information sharing, execution ( including mark - up ) and confirmation and settlement. the second phase will cover topics such as governance, risk management and compliance, as well as further aspects of execution including e - trading and platforms ( including last look ), prime brokerage, and the unique features of fx swap, forward, and option transactions. the first phase of the code has been completed and is set to be released next week on 26 may in new york following the meeting of the global foreign exchange committees. i would hope that you, as participants in the fx market in china, find the code useful, readable and relevant to the functioning of the market here. work on the second phase of the code is already underway. our intention is that the complete code will be released following the global foreign exchange committees meeting in london in may 2017. at the end of that process, for the code to be effective and for it to achieve what we want it to achieve, it will need to be accepted and endorsed by market participants. while the code is a voluntary code, to ensure greater adherence to the code, we will also be outlining some steps we are taking in that regard next week in new york and will have a fuller suite of adherence mechanisms in london next year. finally, let me turn to discussing some of the challenges that australia faced as the australian dollar became an internationalised currency. the australian dollar was floated in 1983, as large net capital inflows ( in part resulting from the relaxation of capital controls in the 1970s ) made it difficult to control both the exchange rate and domestic monetary conditions. at the same time, most of the remaining capital controls were removed as these were only seen as a tool for maintaining the fixed exchange rate, and hence were no longer necessary. bis ( bank for international settlements ) ( 2015 ), ‘ economic consultative committee statement on fx market best practices ’, media release, 11 may. available at http : / / www. bis. org / press / p150511. htm. bis ( bank for international settlements ) ( 2016 ), ‘ foreign exchange working group ’, media release, 10 february. available at http : / / www. bis. org / about / factmktc / fxwg. htm. bis central bankers ’ speeches in the decade prior to moving to a freely floating currency in 1983, australia had been through almost all other forms of

gent sejko : launch of the ebrd transition report 2017 - 18 opening remarks by mr gent sejko, governor of the bank of albania, at the launching of the ebrd transition report 2017 - 18, tirana, 11 april 2018. * * * dear mr colangeli, dear mr sanfey, dear participants, it is a special pleasure for us to host again the presentation of the transition report 2017 – 18 by the european bank for reconstruction and development. the transition report 2017 – 18 addresses some very important issues for transition economies, such as convergence of firm dynamics and productivity, the importance of road infrastructure to economic growth, and the new opportunities from the green economy. it is a pleasure to note that the report presents a positive assessment of the developments in the region. after some years of anaemic growth, the economic activity in the region shows recovery and the prospects remain positive, notwithstanding the geopolitical concerns and the internal and external challenges we face. some regional countries grew faster than other countries around the world, of similar development level and market size. the capital inflows have been relatively considerable, driving to the narrowing of the interest rates spread in the region compared with those in large economies. more importantly, it seems that inflation is gradually returning to target levels and the accelerated economic growth in the western balkans is supported by bank lending and some major infrastructure projects. nevertheless, the report notes that productivity growth slowed down ; hence, the firm dynamics is identified as one of the main issues that should concern our region. the main reasons of these developments seem to derive from some factors : first, the low capacity of markets and firms to regenerate, decelerates the replacement of non - productive firms with new innovative ones, and hinders the efficient allocation of resources. second, small firms do not succeed in increasing their output or the number of employees. studies show that their productivity is rather lower compared with larger firms. smaller firms make up the majority of producing entities – around 80 % in ebrd region, and 95 % in albania. for this reason, more should be done for the integration of smaller firms into global production networks, finding human capital, access in the financial system or capital markets. the bank of albania deems that the development of the financial system is indispensable for the economic development of the country. in this regard, through our policies, we are trying to encourage a more efficient allocation of bank lending, in order for