struggling with inconsistencies in the sectoral regulations applying to financial groups and with the sheer number of such regulations. it would also be of great benefit to supervisory authorities. the necessary sectoral specifics could then connect to this single common base. let me make one last remark on safety versus growth. in recent years, we have witnessed on numerous occasions just how diverse the impacts of financial sector problems can be on national economies. generally speaking, the greater the depth of financial mediation, the larger the relative size of the banking sector in the economy and the higher the level of private sector debt, the more vulnerable the economy, the greater costs of any financial crisis and thus the higher the ensuing requirements as regards quality of banking regulation and strictness of supervision. therefore, effective prevention of financial crises is an increasing priority for economic policy makers of countries with greater depth of financial mediation. still, the depth of financial mediation differs systematically, for example, between the founders of the eu and recent entrants. for example, in the case of the czech republic, if the worst comes to the worst we can revoke the licence of a major bank, take its liabilities onto the government balance sheet and sell its viable business, as we have done in the past, without increasing our government debt - to - gdp ratio above two or three hundred per cent, provoking a sovereign debt crisis and starting the vicious circle known to many european economies. most developed european countries do not enjoy such freedom. on the other hand, many segments of our financial industries are still underdeveloped and their space for growth is rather high. i do not believe we have reached the point at which one should question the benefits to the economy of increasing the depth of financial mediation. flexibility within a more unified and integrated framework of financial regulation should allow different countries to choose – within some limits preventing significant cross - border spillovers – different trade - offs between safety and growth of their financial industries and economies in general. this conference gives everybody room to think. let ’ s make the most of it. europe needs sound businesses, but sound businesses, in turn, need a stable and predictable financial and regulatory environment. let ’ s do all we can to foster such an environment. thank you for listening. have a great evening and enjoy the rest of the conference. bis central bankers ’ speeches

, the maintenance of the information and the continuity of work in cases of extraordinary events. another crucial issue to be paid a special attention to and where certain deficiencies are present, is the swift system. there needs to be a better administration of the users ’ profile, in order to observe the three stages of sending the messages ( creation, verification and authorization ), and a division of security officers ’ duties ( left and right officer ) from the different operational duties at the swift. it is also necessary that the internal bank audit ( or external when provided by consultant companies ) be expanded, including the information technology entirely. this audit, which currently is limited only to the system users ’ profiles or to the access rights they have in the system, should include issues that relate to the functionality of these systems, the accuracy of generating the information, the changes in the system, the information security during the operation and in transmission ( for on - line branches ) etc. 7. the enhancement of transparency of the bank commissions applied for loan payments, and in particular the decrease or abolition of domestic commissions or of incoming payments, are another measure that the bank of albania is implementing in the context of attracting the public and businesses as far as the banking services are concerned. - - - - - - - - - - referring to the significant decrease of currency outside banks to total money – from 31 per cent in 2002 to 24 per cent over the present year – as an important indicator of the cash economy, it can be said that the abovementioned measures have provided their effect. however, the reduction of the informal economy remains a decisive factor in order to reach to the levels of cash in more developed economies, which is below 10 per cent. in this context, the establishment of the credit information bureau, initiated some time ago by the bank of albania and expected to finalize over the coming year, is believed to make an overwhelming contribution to reducing the business informality in the interbank level.