##habited areas, hence providing a different quantitative and geographical dimension to various potential business initiatives. i believe that albania is one of the countries currently being listed among the distinguished european countries, enjoying stable macroeconomic and financial stability, and economic growth. we have ample natural resources, fantastic diversity of climate, cultures, social, ethnographic and geographical features, qualified labour force, admirable flexibility of private entrepreneurship and an improved legal framework. for these reasons, i avail myself of this opportunity to invite you to increase your interest in albania and make it part of your investment or partnership projects. i am strongly confident that this will not only contribute to albania ’ s and the albanian people prosperity in the future, but it will also represent a safe investment alternative. thank you for your attention and i wish you all great success! bis central bankers ’ speeches

enabling the composition of diverse, potentially divergent interests and determining the actions of banks and the quality of their decision - making processes. the internal governance model will therefore have a decisive role in banks ’ long - term sustainability. this decisive importance of corporate governance for banking activity has become, especially since the crisis, the focus of intense regulatory scrutiny. 4. the evolution of regulation has revealed an ever more granular trend, on a path that is not free from difficulties. in fact, the initial phase, in 2009 and 2010, revealed concern with one of the most salient aspects of the crisis – incentives misaligned with sustainable and prudent risk management. the practice of compensation schemes based on variable components indexed to fast expansion of trading volumes led to a culture of excessive risk. as a consequence, the initial reaction of international regulators was directed towards compensatory policies and practices. from 2011, the regulatory agenda adopted a broader approach to corporate governance, becoming concerned with, at this stage, regulating corporate governance systems in banks, especially organisational and control aspects ; and it is in the context of this wider regulatory vision that other aspects of governance start being regulated : internal audit, external audit and suitability of the banks ’ members of the management and supervisory bodies, as well as the holders of essential roles. with the approval of directive 2013 / 36 / eu of the european parliament and of the council of 26 june 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, generally known as “ crd iv ”, the standards on corporate governance started to be seen from a broad perspective, covering organisation, duties of control, 2 / 4 bis central bankers'speeches people and compensation. therefore an integrated vision of the organisational structure was adopted, of suitability of the people who manage and oversee the institution and those responsible for essential functions, of a solid and effective internal control framework, of the autonomous design of internal governance of risk and remuneration policies aligned with a sound and prudent risk culture. guaranteeing that the organisational structure of the corporate governance of the institutions is solid and the management and oversight are adequate became, naturally, a central concern for banking regulation. from the outset, banks should define a profile for members of the management and supervisory boards and seek candidates that possess the knowledge, skills, experience, integrity and time necessary to fully carry out their duties. also indispensable is the presence of an adequate number of formally