all its dimensions will enhance productivity and help to tackle the increasing competition, in national level as well as in both regional and global levels. second, investments in the development of human capital, through the improvement of the education system and the creation of specialized programs for vocational training, is crucial for empowering human capital. creating incentives 2 / 3 bis - central bankers'speeches for the return of the diaspora and improving working conditions will help curb the emigration of young people and create an environment that encourages them to build their future in albania. third, the optimum utilization of the country's natural resources, including energy, mineral, agricultural, and tourism resources, requires a planned and coordinated strategy to avoid adverse consequences. this strategy must further guide public development policies, entrepreneurial and financial resources of the private sector, as well as an efficient distribution of banking credit flows. the implementation of these measures requires close cooperation between the public and private sectors. each actor should contribute in their area of expertise, within legal frameworks and with a common approach, to ensure that these initiatives succeed. the academy plays an outstanding role in this regard. to this end, i find it appropriate to commend " luarasi " university for its valuable contribution to the education of the new generation, transforming in a short period of time into a prestigious institution of professional education. " dear guests, concluding, i would like to highlight that albania has an extraordinary potential for development. a comprehensive effort from all actors is needed to realize this potential. in this context, the bank of albania will continue to be an active partner in the country's economic development. in our vision for the future, the bank of albania aims to be the guarantor of financial stability and also a catalyst for long - term economic development, establishing the conditions for a more sustainable, competitive, and fair economy. our monetary and macroprudential policies will continue to focus on preserving the monetary and financial stability as a foundation for sustainable and inclusive growth. also, we will continue to work on the advancement and modernization of the payment system and our financial market, based on the best and most successful global practices. thank you, and i wish you a successful conference! 3 / 3 bis - central bankers'speeches

gent sejko : albania's participation process in the single euro payments area address by mr gent sejko, governor of the bank of albania, at the hearing of the european affairs committee of the albanian parliament on the preparation of albanian institutions regarding albania's participation process in the single euro payments area ( sepa ), tirana, 17 july 2024. * * * honourable chair, honourable members of the committee, first of all, thank you for the invitation and the opportunity to share with you the work we have dedicated to the first step towards the economic integration in the european union. this step regards to the official submission of albania's application to the european payments council, for participating in the single euro payments area, also known as sepa. the application was sent in june, as scheduled in the action plan. given the multi - dimensional importance of sepa, i extend my gratitude for the attention expressed by this committee in the process of albania's membership into sepa. its successful finalisation will benefit from the support of all the public institutions involved in the integration processes. before delving into more details regarding the application process, allow me to briefly summarise its history and context. the work for albania's participation in sepa has started in 2021, when the bank of albania became part of the regional project " payments modernization in the western balkans ". this project originates from the agreements achieved under berlin process and aims at developing financial and economic relationships among western balkan countries, while simultaneously integrating the region into the european union. in november 2023, the european commission, to encouraging the efforts made by the countries to expand their economic integration with the european market, included the accelerated participation in sepa in their priority agenda of regional enlargement. previous assessments of the world bank experts showed that albania was noticeably prepared to start the application, since it fulfilled almost all the criteria. in particular, it was assessed that albania had made a significant progress regarding the alignment of its payment legislation with that of the european union. the commitment to start the application for membership in sepa was re - highlighted in the ministerial as well : " the western balkans toward the single euro payments area ( sepa ) ", which was held on 28 february of current year, where albania expressed its dedication to submit the application by june. the bank of albania has led and coordinated the work for submitting the application. however, to accomplish this task, the contribution and cooperation of other public institutions,