##s that affect movement of good and services. we will likewise remain vigilant that none of these effects pose risk to financial stability. we will continue to be involved in initiatives in implementing governance reforms in the country, including our initiatives for aec 2015. finally, we will continue to work on a more inclusive financial system that that will sustain and promote inclusive growth. final thoughts ladies and gentlemen, i have shared my assessment of our prospects and flagged some key challenges. at the end of the day, we have to nurture the gains we have achieved through time and address the pending issues which we believe can only make us better. markets will always evolve, just as they are changing right now. but philippine banks, in general, have proven themselves to be resilient while remaining responsive to the needs of stakeholders. this is the mark of a strong banking industry, one which can tap growth opportunities while acting responsibly in managing the public ’ s savings. in the end, it boils down to choices we make. and thus far, our record in the banking system speaks for itself. ladies and gentlemen, thank you for your attention. mabuhay! bis central bankers ’ speeches

the drafting of a prudential and forward - guidance monetary is required from the successful accomplishment of this term. at the same time, in parallel with the primary objective, this policy should factorise the need for supporting the economic rebound and be harmonised with the fiscal consolidation process, in view of the sustained fiscal and financial strengthening of albania. in particular, i am confident that the prudential harmonisation of monetary and fiscal policies yields better economic results, in terms of both growth and stability. in a longer - term context, the operational framework of monetary policy should be completed with contingent instruments, like 3 / 5 bis central bankers'speeches those adopted by large central banks. the improvement of legal infrastructure and further development of financial markets is the pre - condition to this objective. nevertheless, the horizon of the next seven years provides for a sufficient timely dimension to meet it. the second priority is related to banking supervision and regulation ; with a view to further strengthen the financial stability of albania. in this view, the objective of my work will be : the establishment of all premises to bolster sound lending to economy. i deem that bank credit supply should not hamper the resilient and long - term growth of the country, but lending should follow all the required parameters of the management, for the preservation of banks soundness and the value of savings deposited din them. full adoption of basel ii and basel ii relevant practices and standards. greater convergence with the eu standards and accomplishment of further certifications by the european central bank in the supervision field. these certifications will reduce costs and increase efficiency of our banking system operation. complete re - scanning of our financial system – in collaboration with the world bank and the imf – ( financial sector assessment program ) – to enable the identification and correction of its weak points in a timely manner. i consider that special attention will be paid on : the activity of non - bank financial institutions and convergence of their practices and regulations with those of the banking system. this will boost the effectiveness of financial system and fair competition within and among various segments of this system ; fully efficient operation of the supervisory architecture of our financial system, starting from the financial stability advisory group ( fsag ) and continuing with the practices on information share and collaboration amid its regulatory institutions ; continuing the work for the reduction of foreign currency use in albania, aiming at increasing awareness of both public and private actors on the risk it bears, thus by strengthening the response of the albanian institutions. third priority relates to