ardian fullani : agreement between the bank of albania and the competition authority speech by mr ardian fullani, governor of the bank of albania, at the signing of the memorandum of understanding, tirana, 17 july 2007. * * * dear participants, i am pleased to have concluded this co - operation agreement between the bank of albania and the competition authority. in observance of the legal responsibilities of the institutions we represent, this agreement concludes the formal basis for cooperative efforts, in terms of achieving the objective of enhancing the competition conditions, in which the banking and financial activity is being conducted. fair competition promotes the efficiency in the banking business and refines the composition and the functioning of the banking market, by providing significant services to clients and the public at large, being users of banking and financial services. it has been for some years now that the albanian economy and the financial system are in an intensive process of integration into the regional economies and markets. this process requires the improvement of the legal and regulative framework for developing the business and the enhancement of the human and institutional capacities to cope with the challenges deriving from the economic openness and the enhancement of competition. considering this phase of economic development, it is essential that the regulatory authorities of financial markets and their institutions establish transparent and non - discriminative conditions for conducting business and moreover, develop necessary instruments to identify and eliminate cases of abuse from the financial institutions in their relationships with the other market participants and the clients. according to this agreement, the bank of albania shall, in fulfilling its supervisory role and in co - operation with the competition authority, support the latter in identifying the behaviour of banks and non - bank financial institutions, which may distort competition and ultimately, maintain an unfair position in the market, set unreal prices for banking products and services and discriminate certain clients or part of the public. in such cases, the bank of albania will require the competition authority, to start an investigation procedure, according to the law provisions. on the other hand, the bank of albania will continue to ensure that the regulatory framework and the supervisory practices remain transparent and provide to all entities meeting the law requirements equal terms for conducting banking and financial activity. in the context of this co - operation, the bank of albania and the competition authority shall establish the format of formal information exchange, by observing the requirements of the law in terms of its quality and characteristics. understandably, we have taken only one step along a very long process, which

in place, the global financial safety net ( gfsn ) strongly supports global financial stability. the ecb sees a need for the gfsn to be further strengthened with a strong, quotabased and adequately resourced imf at its centre, particularly in the face of escalating risks and high uncertainty. recognising that an increase in imf quotas is not possible at this time, the ecb would strongly welcome a substantial increase in the new arrangements to borrow as a secondbest outcome towards ensuring that the fund has adequate resources. the imf ’ s surveillance is a very valuable external check on national as well as regional policies. as regards financial surveillance and the forthcoming financial sector assessment program review, the ecb would welcome an agreement for holding a regular euro area review at the same frequency as for jurisdictions with systemically important financial systems in the future. an important institutional factor for monetary and financial stability worldwide is central bank independence, combined with full accountability vis - a - vis the people and their elected representatives. currently, central bank independence is being challenged in a number of large advanced and emerging market economies. it is therefore important to recall that a central bank ’ s credibility and, ultimately, the successful fulfilment of its mandate hinge on its ability to choose the appropriate policies independently. 3 / 4 bis central bankers'speeches innovations in payment systems finally, as regards innovations in payment systems, depending on their design, stablecoins may help overcome current shortcomings, especially in cross - border payments. at the same time, stablecoins can affect the conduct and transmission of monetary policy and may have implications for the functioning of the international monetary system. global stablecoin arrangements now under discussion could impact the safety and efficiency of market infrastructures and payments or pose risks to financial stability. stablecoin arrangements also raise challenges related to anti - money laundering and terrorist financing, consumer protection, data privacy and other issues. they must therefore be appropriately designed and operated in accordance with public policy objectives and they must comply with the relevant regulatory, oversight and prudential standards under the “ same business, same risk, same rules ” principle before they go live. central banks should scale up ongoing efforts to foster the efficiency and inclusiveness of payment and financial services, in particular by improving cross - border payments and reviewing and updating the international call for action on financial inclusion, as well as by strengthening cooperation. furthermore, they should continue to assess the pros and con