ardian fullani : a vision for the future of the albanian economy and financial system speech by mr ardian fullani, governor of the bank of albania, at the launch of the european fund for southeast europe, tirana, 6 march 2007. * * * honourable mr. prime minister, honourable mr. minister of finance, dear mr. glaubitt, dear friends, i am honoured to be invited to the occasion of launching the european fund for southeast europe. i regard this new initiative in the albanian financial system as a highlight development, due to the financial potential and to the signals it brings to our market. it has become almost inevitable to start each speech with a short description of the latest economic and markets ’ situation. i invite you to interpret it as an opportunity to understand our vision for the future of the economy and the financial system. from the general viewpoint, i would briefly highlight that the inflation and inflationary expectations have been kept under control, the economy is growing under stable rates and there is an increasing business confidence. the financial markets are relaxed, well - regulated and lucrative. it is good to evidence that apart from the other contributing factors, the bank of albania has played a key role in providing for such an environment with its prudent policies pursued over 2006. global factors have increased their interest in the developments of the albanian economy, with a special focus on the macroeconomic and development policies. the expansion of global markets has exerted pressures on our economy, expected to be increased in the future. the bank of albania is paying a special attention to the considerations and signals deriving from these markets and invites the business community to do the same. the entry of foreign players into the market should encourage the domestic business to re - dimension or re - consider its role in the development of the market in general, and of the financial one, in particular. over the last years, the bank of albania, being supported by the business community, has paid a special interest and attention to the development of the domestic financial system. if i were to ask you : “ have we been successful? ” your answer would have been “ certainly, yes. ” it holds true that we have made significant steps towards a modern banking system and facts do speak for themselves : there are 17 banks, all private - owned ; stable growth and profits ; great european players ; new products and modern approaches ; consolidation ; sound competition and last, a new contemporary law on the banking system. in this respect, one might

or short - time working schemes, rather than bank credit, has constituted the backbone of the policy actions aimed at supporting the household sector. chart 14 bank loans https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp200519 ~ e5203d3520. en. html 10 / 14 5 / 19 / 2020 pandemic central banking : the monetary stance, market stabilisation and liquidity ( annual percentage changes ) source : ecb. notes : monthly data. adjusted loans ( i. e. adjusted for sales, securitisation and cash pooling activities ). the latest observations are for march 2020. while credit volumes are holding up in the aggregate, there are also some strains. according to the survey on access to finance of enterprises ( conducted between 2 march and 8 april ), small and medium - sized enterprises ( smes ) reported – in net terms – a decline in the expected availability of bank loans across countries and sectors ( chart 15 ). chart 15 change in the actual and expected availability of bank loans for smes across countries ( net percentages of respondents, over the past and next six months ) source : ecb and european commission survey on the access to finance of enterprises ( safe ). notes : the chart shows the difference between the percentage of enterprises reporting an increase for a given factor and the percentage reporting a decrease in response to the following questions : ( i ) for each of the following types of financing, would you say that their availability has improved, remained unchanged or deteriorated for your enterprise over the past six months? ; ( ii ) looking ahead, for each of the following types of financing available to your enterprise, please indicate whether you think their availability will improve, deteriorate or remain unchanged over the next six months. the base is the smes for which the respective instrument is relevant. the figure refers to rounds 1 ( april - september 2009 ) to 22 ( october - march 2020 ) of the survey. https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp200519 ~ e5203d3520. en. html 11 / 14 5 / 19 / 2020 pandemic central banking : the monetary stance, market stabilisation and liquidity these survey results underscore the importance of our recent monetary policy measures, including the recalibrations of the tlt