scale ”. i also invite the ecb and ec to explore the possibility of adopting a “ party ” treatment for the entire see region, by adopting a specific program for a specific group of countries. the process of mergers and acquisitions has incorporated financial system of the region into the bigger european market. this market driven, business initiative of the financial community, calls for institutional integration as well. bringing central banks of the region into the appropriate european structures has the potential to minimize the probability of dangerous drifting apart into worthless initiatives and create positive energy. i encourage foreign partners as well as donor agencies to adopt the same logic of coordination in the process of the compilation and implementation of technical assistance in areas of integration, institutional building, and financial stability process. this approach and will benefit the region in several ways but most importantly it will avoid major economic and social disparities between our economies, which in the long run have the potential to develop into serious threats to stability. on the other hand, several differences emerge in certain areas of developments. yet, this provides further room for cooperation. it is a fact that our economies have adopted diverse approaches toward establishing macroeconomic and financial stability. we are at different stages of integration. it is probably due to these diverse characteristics that contagion has not been a prevailing phenomenon in see region. along the path of transition our economies have encountered distinct problems in different moments. just to point out a few examples : • credit has penetrated deep in the culture of some economies in the region while it still remains a fast growing new phenomenon in a few others ; • some of us have experienced high capital inflows while the others expect to have in the future ; • some pegged their currencies to euro ; the others have not. for the rest of the region it is very important to know what triggered such different choices. how did authorities respond to such problems, what to expect, how to react? due to these different paths that we have taken and nature of the problems that each economy has encountered, we are positioned in different parts of the learning curve. there is a great deal of learning by doing experience we have accumulated during this period of existence, and i believe that this knowledge must be shared. c. common achievements we have succeeded to establish a network of communication with all central banks in the region among governors. i have noticed that they have always expressed their enthusiasm to intensify regional cooperation in this context. i am also happy to say that during my contacts with respective international

gent sejko : the role of central banks and the banking sector on the path to eu welcome address by mr gent sejko, governor of the bank of albania, at the annual conference of the bank of albania, co - organised with the albanian association of banks, tirana, 13 november 2024. * * * honourable minister of finance honourable madam minister of state and chief negotiator, honourable chair of parliamentary committee on economy and finance, dear president of the albanian association of banks shella, dear fellow governors and guests it is a great honour and pleasure to welcome you all to the annual conference of the bank of albania. please allow me, in this occasion to congratulate the albanian association of banks for its 25th anniversary. the albanian association of banks, the co - organiser of this conference, has proven to be a serious collaborating and coordinating platform for the banking industry, in addition to being a visionary institution and our important partner on our journey towards development and modernisation. this conference, the 17th one, is a crucial moment in our annual business schedule as it always offers a solid ground for communicating with our institutional partners, field experts and the public at large. it enables us to look away from the challenges of the present, to consider issues of strategic importance for the sustainable and long - term development of albania, as well as to try - through open and constructive dialogue, to identify the policies and adequate instruments for addressing them. in this view, i would like to highlight that despite the rapid economic and political developments of the year we are leaving behind, the long - term headline from 2024 will be our receiving of a green light and the start - in october - of the official process of negotiations for membership in the union european. this new chapter poses a busy agenda ahead of regulatory, legislative and institutional reforms. their realisation is both a prerequisite for our membership, as well as a major and indispensable step on our way of progress. for this reason, we have decided to dedicate the proceedings of this conference to the role of central banks and the banking sector in the integration process. dear guests, before addressing my views on our conference's topic, i would like to focus briefly on the current status of the albanian economy and its financial system. 1 / 4 bis - central bankers'speeches albania of 2024 offers a completely different economic reality compared to a decade ago, when the country received the status of potential candidate for membership. despite