component of financial stability. another “ sine qua non ” for more stable global capital flows is developing and implementing a macroprudential policy framework, and emerging market economies have taken important steps in this direction in the post - 2008 period. benefits and likely risks brought by this major transition in global finance will be discussed in length over the next two days by academicians and policymakers in six different sessions. i bis central bankers ’ speeches believe that this conference will produce fruitful and beneficial outcomes for global financial stability. i would like to thank our participants and distinguished guests for their contributions and for being here with us. bis central bankers ’ speeches

ardian fullani : recent economic and financial developments in albania speech by mr ardian fullani, governor of the bank of albania, at the joint press conference of the imf mission with the ministry of finance and the bank of albania, tirana, 11 november 2008. * * * the regular visit of the imf ’ s eu1 european department mission is made in the context of the last review of the current 3 - year prgf – eff arrangement between the albanian authorities and the imf board of directors. this last review coincides with a sensitive outlook of the world economy, which is facing a highly intensive and uncommon global market correction. given this situation, present and future prospects still remain vague and uncertain. however, worth to note is that the albanian economy has exhibited admirable immunity to these developments. in this context, the prudent and systematic work of the bank of albania, both in terms of maintaining the macroeconomic balance at home and safeguarding the banking system ’ s financial stability, has provided an overwhelming contribution. over the last two years, the bank of albania has been an active actor in both directions, analyzing carefully all the risk factors and taking various measures to minimize their materialization in practice. in our work we have been guided by the philosophy that one cannot build authority in the market through the mechanical use of a set of instruments but through the market perception and trust in the policies pursued by the authorities. the conservative policy – the increase of the interest rate extended in a time period of 18 months – is the concrete application of this philosophy. in addition, measures have been taken in terms of amending and constantly improving the legal and regulatory package. the entire process of measures and decisions has aimed at ensuring the financial system ’ s efficiency and stability. the latest regulatory amendments, which have brought a new dimension to the banking business in relation to the customers, foreign currency lending, investments in parent banks and internal control, are of particular importance. the bank of albania will persistently make an assessment of the existing regulatory framework and aim at improving it, in order to address the present and potential risks. i believe the set of actions taken recently by the central bank have been a kind of intensive therapy which has contributed to the increase of the banking system ’ s immunity. with reference to the economic and financial situation at home, i would like to inform you that the bank of albania shares the same opinion with the imf and the ministry of finance regarding the current period as of end