, the maintenance of the information and the continuity of work in cases of extraordinary events. another crucial issue to be paid a special attention to and where certain deficiencies are present, is the swift system. there needs to be a better administration of the users ’ profile, in order to observe the three stages of sending the messages ( creation, verification and authorization ), and a division of security officers ’ duties ( left and right officer ) from the different operational duties at the swift. it is also necessary that the internal bank audit ( or external when provided by consultant companies ) be expanded, including the information technology entirely. this audit, which currently is limited only to the system users ’ profiles or to the access rights they have in the system, should include issues that relate to the functionality of these systems, the accuracy of generating the information, the changes in the system, the information security during the operation and in transmission ( for on - line branches ) etc. 7. the enhancement of transparency of the bank commissions applied for loan payments, and in particular the decrease or abolition of domestic commissions or of incoming payments, are another measure that the bank of albania is implementing in the context of attracting the public and businesses as far as the banking services are concerned. - - - - - - - - - - referring to the significant decrease of currency outside banks to total money – from 31 per cent in 2002 to 24 per cent over the present year – as an important indicator of the cash economy, it can be said that the abovementioned measures have provided their effect. however, the reduction of the informal economy remains a decisive factor in order to reach to the levels of cash in more developed economies, which is below 10 per cent. in this context, the establishment of the credit information bureau, initiated some time ago by the bank of albania and expected to finalize over the coming year, is believed to make an overwhelming contribution to reducing the business informality in the interbank level.

benoit cœure : the perils of isolation speech by mr benoit cœure, member of the executive board of the european central bank, at the council on foreign relations, new york city, 19 april 2017. * * * i would like to thank j. beirne, m. ca ’ zorzi and m. grill for their contributions to this speech. i remain solely responsible for the opinions contained herein. we are currently seeing widespread concerns in many parts of the world regarding free trade and globalised finance. these concerns mainly stem from perceptions of inequality of opportunities and a lack of inclusiveness in sharing the benefits of international openness, resulting in growing disparities in income. often, these are not only perceptions. in this country, for example, net income inequality has been on an upward trend since the late 1970s. 1 although globalisation might have amplified growing income inequality, empirical analysis tends to suggest that technological progress, and the associated rise in demand for skilled labour over low - skilled, is likely to explain most of the rise in income inequality in advanced economies since the early 1980s. 2 and yet, fears of globalisation appear to dominate public discussion and are likely to have been a key factor in fomenting political opposition to the free movement of goods, services, capital, and people. much has been said about the perils of rising protectionism. today, i would like to focus on a related but distinct risk, namely all the talk of a weakening of the international financial regulatory agreements that were reinforced in the wake of the financial crisis. such a push - back would be all the more difficult to understand as there is compelling empirical evidence that excessive risk taking by the financial sector has contributed to rising inequality. 3 dismantling regulatory standards would therefore not only make financial markets less safe, it would also be unfair to those who feel left behind. indeed, in recent years, through the actions of the financial stability board ( fsb ) and standardsetting committees such as the basel committee on banking supervision, the international community has made important progress in rewriting the international financial rule book with a view to curbing financial exuberance, protecting taxpayers from costly bailouts, and improving cross - border cooperation. 4 these reforms have undoubtedly made global financial markets more resilient. and they have also supported the recovery of loan growth to households and firms despite claims that regulation may hurt economic growth and dent bank profitability. indeed, researchers at the bank for international settlements have