the sound parts from the problematic ones. if the current restructuring strategies lack the potential for improving the sick part, then perhaps it is the due time to pass to a new strategy that treats both parts of the business as separate from each other. this would enable an optimal solution in each specific case versus a unified refinancing strategy that was implemented so far. clearing the lending activity would bring about shifting of the new credit from inefficient refinancing to new development possibilities and economic growth, where the savings - investment balance is in equilibrium. this issue relates not only to the performance of the banking system and the financial stability of the country, but also to the ability of the economy to grow in the future. as i have also mentioned in other events, both the macro and micro factors that encouraged rapid economic growth in the recent years, are no longer present in the global and national economy. the new equilibriums we are living with show that the rapid consumption - driven growth models and credit - based growth models will no longer be present in out economy. this is true owing to supply and demand factors, since the rapid consumption - and creditdriven growth has aggravated the savings – investments balance sheets of agents in the economy. consequently, there should be found a new long - term economic growth model, capable of absorbing the financial resources, particularly the foreign ones, and generating an economic growth. the first step in this regard is the identification of the competitive advantages that the albanian economy generates and the acceleration of structural reforms in the albanian economy in the light of these priorities. it is a pleasure that our timely discussion topics and activities are in line with the agenda of this activity. thus the imf provides a valuable contribution to our economy through discussion of these topics. furthermore, through this activity, the imf enhances the transparency throughout the albanian economy regarding the economic development vulnerabilities from the imf viewpoint, thus participating in the country ’ s economic debate. i would like to emphasize the latter, because i find it particularly important with regard to the difference between scientific contribution and that of political economy. the imf comes to albania as a participant in this debate with four scientific papers, whose results are based on available and reliable statistics, identified economic models and conclusions based on wellgrounded assumptions and analyses. each of these elements is clearly explained in the working papers that will be discussed today. these elements altogether make the work replicable ( controllable ), open for discussion, and

much impact to the end user. this includes through the geopolitical risk program under the council of financial regulators, and in the case of apra, through cps 230. rba ( 2024 ), ‘ merchant card payment costs and surcharging – issues paper ’, october. this could include having only interchange caps instead of both caps and benchmarks, removing ad valorem interchange caps and benchmarks ( so that they are solely cents - based ), or limiting the number of interchange categories. this includes the impact of other service costs being bundled into the surcharge that is passed onto consumers. financial stability board ( 2024 ), ‘ annual progress report on meeting the targets for cross - border payments : 2024 report on key performance indicators ’, 21 october. the financial stability board has, for the purposes of its targets, defined remittances as low value, high volume payments primarily sent to recipients in emerging market and developing economies. retail payments are all other payments under us $ 100, 000. this task has been helped by recent updates to the guidance from the australian competition and consumer commission on how international money providers can improve the transparency of these services. this included guidance around how international money providers should display information to consumers, requiring standardised illustration of costs and other service features, such as the time it will take for the recipient to receive the funds. see accc ( 2024 ), ‘ best practice guidance for foreign cash and international money transfer services ’, october. for instance, the rba is working to ensure that the australian industry adopts the globally harmonised iso 20022 messaging requirements for cross - border payments. work is underway to plan the npp ’ s adoption of globally harmonised iso 20022 messaging, and we expect industry to have adopted the globally harmonised iso 20022 messaging requirements for high - value and fast payments by the end of 2027. see bis innovation hub ( 2024 ), ‘ project mandala : streamlining cross - border transaction compliance ’. for the paper, see here : rba and treasury ( 2024 ), ‘ central bank digital currency and the future of digital money in australia ’, september. see also jones b ( 2024 ), ‘ financial innovation and the future of cbdc in australia ’, speech at the intersekt conference, melbourne, 18 september. rba ( 2024 ), ‘ rba and dfcrc joint consultation paper project acacia – exploring the role of digital money