##re the shared responsibility for financial stability and improve regulators ’ understanding of firms ’ business models. iii. the basel oversight committee agreed to " reduce the systemic risk associated with the resolution of cross - border banks. " closing down a multinational institution is a horrifically difficult challenge, but without progress in this area, the efficiency of the global system will likely decline, perhaps significantly. for example, viable crossborder resolution is the key to ensure that a financial institution ’ s liquidity continues to be optimally distributed across its international operations. iv. finally, the bank of canada believes that continuously open markets are essential for a system to be robust to failure. the crisis was clearly exacerbated by the seizure of interbank and repo markets. good collateral became unfinanceable osfi has developed guide to intervention for federally - regulated financial institutions that provide a framework for responding effectively to circumstances that could undermine the financial viability of an institution. it is based on a graduated and progressive set of responses or stages, depending on the institution ’ s situation and degree of weakness perceived. further information on the staging process can be found at www. osfi - bsif. gc. ca / app / docrepository / 1 / eng / practices / supervisory / guide _ int _ e. pdf. overnight, firms failed, risk aversion skyrocketed, and the global economy plummeted. promising avenues to break such ( il ) liquidity spirals in funding markets include : • clearing houses for repo • through - the - cycle margining requirements • standardizing products • ensuring that accounting rules permit effective netting • adapting central bank liquidity facilities as necessary in a similar vein, current efforts to transfer settlement of many over - the - counter derivatives onto clearing houses and potentially the trading of some of them onto exchanges, such as the montreal exchange, have the potential to reduce bilateral counterparty risk, increase liquidity, and enhance transparency. as a testament to the seriousness of this initiative, the g - 7 – where the vast majority of such transactions occur – has made this a top priority for implementation next year. the bank of canada is working with our partners, including the amf and the federal department of finance, to develop a canadian approach. globally, substantial progress has been made in recent months – more than two - thirds of credit default swaps ( cds ) and three - quarters of interest rate swaps ( irs ) are now eligible for clearing houses. of

gent sejko : albania's economic and financial developments in 2018 address by mr gent sejko, governor of the bank of albania, presenting the annual report 2017 to the assembly of the republic of albania, tirana, 8 may 2019. * * * honourable speaker, honourable members of parliament, the bank of albania pays particular attention to fostering institutional relations with the assembly of the republic of albania, based on the spirit of accountability and transparency, and nourished by a constant and reciprocal dialogue. in this light, i thank you for the invitation and the opportunity to present in a plenary session to the assembly, the main conclusions of the annual report of the bank of albania. let me start by emphasising that the bank of albania has made progress with regard to all the three underlying aspects of our work : institutional objectives and duties set out in the legal and sublegal framework ; internal objectives set out in our medium - term development strategy ; and, recommendations left by the assembly of the republic of albania in the resolution “ on the assessment of the activity of the bank of albania for 2017 ”. the bank of albania estimates that, in 2018, the albanian economy and financial system made progress. economic activity and employment continued to expand, wages and domestic inflationary pressures trended upward, main banking sector ’ s soundness indicators improved, and a series of indicators of domestic and external economic balances strengthened. let me present a few indicators to illustrate this. according to instat data, the pace of economic growth accelerated to 4. 1 % in 2018. economic growth was broad based ; it reflected positive contributions from the expansion of households ’ consumption, enterprises ’ investments, and exports. according to instat data, employment in the economy rose by 1. 6 %, whereas the unemployment rate at the end of the year fell to 12. 3 % from 13. 4 % a year earlier. the external position of the economy improved : the current account deficit declined at 6. 7 % of the gdp in 2018, and the indicators of external debt stability strengthened. budget deficit and public debt continued on a downward trend, reflecting the consolidation path of the fiscal policy, the economic growth and the exchange rate appreciation. the main indicators of banking sector soundness – in particular liquidity, profitability and capitalisation – remained at satisfactory levels. this dynamics of developments reflects, to a significant extent, the effect of policies, measures and instruments the bank of albania has adopted on continuous basis. in the