on the code of monetary and financial policies ( standards ) ; • the need for greater transparency at all levels, beginning with the imf itself. the imf ’ s special data dissemination standard should be expanded ; systems for reporting external debt should be improved ; the operations of international investors should be disclosed in more detail ; the fund ’ s surveillance operations should be expanded ; • plans for an increase in private sector involvement in preventing and resolving financial crises ; • introducing or tightening capital controls is not regarded as appropriate in dealing with fundamental economic imbalances. the imf ’ s executive board was nevertheless asked to review experience with the use of controls and the circumstances under which they may be appropriate ; • the interim committee expressed its serious concern over the imf ’ s tight liquidity position. it stressed the critical importance of augmenting imf resources ; and • there was general support for expanding the enhanced structural adjustment facility ( esaf ) and the highly indebted poor countries ( hipc ) initiative. south africa does not qualify for any one of these facilities, although we have a vested interest in the proposal because of our sympathy for other countries in our constituency. it will be noted that none of these proposals are very revolutionary and are intended to work mostly through the existing framework of institutions and systems. more radical proposals are nevertheless also being thrown around in the global debate, e. g. : • for a major revision of the present floating exchange rate system and a return to a more stable system for the global structure ; • for a merger of the imf and the world bank in one organisation ( a merger of the interim committee and the development committee ) ; – 4 – • for the conversion of the imf into a world central bank with a lender - of - last - resort facility ; and even • for a close - down and termination of the role of the imf. south africa ’ s role in the debate over the past year the south african economy was severely affected by the adverse world financial conditions. our approach has been to manage our economy as best as we could in this adverse environment, and to work with the international community to seek for a global solution. as one of the leading emerging market economies, south africa has many opportunities to make a constructive contribution to the ongoing debate on the reform of the international financial system. unfortunately, we do not have the resources to participate more actively in all the discussions that are now taking place. * * *

ardian fullani : recent economic and monetary developments in albania speech by mr ardian fullani, governor of the bank of albania, at the press conference on the monetary policy decision of the bank of albania supervisory council, tirana, 29 september 2011. * * * today, on 29 september 2011, the supervisory council of the bank of albania reviewed and approved the monthly monetary policy report. based on the analysis of albania ’ s latest economic and financial developments and following discussions on the performance outlook, the supervisory council of the bank of albania decided to cut the key interest rate by 0. 25 percentage points. following this decision, the interest rate for one week repurchase agreements is 5. 00 per cent. this cut in the key interest rate reflects contained inflationary pressures, anchored expectations of economic agents, and a more prudent fiscal policy during the period ahead. the easing of monetary policy aims at providing appropriate monetary conditions to meet the medium - term inflation target and promote economic activity through stimulating consumption and investments in albania. ( let me now proceed with an overview of economic developments and main issues discussed at today ’ s meeting of the supervisory council. ) * * * the month of august was characterised by a sharp decline in inflationary pressures. annual inflation rate was 3. 1 %, or 0. 4 percentage points lower than in july. in addition to decreased foreign price shocks, during this month, inflation contribution on regulated prices dropped and contribution of prices of bread and grains curbed. furthermore, the seasonal effect of domestic agriculture production supply was stronger this year, leading to further reduction of food items annual inflation. during 2011, consumer prices in albania were subject to supply shocks, materialised in high imported prices. this effect was more moderate during july – august and, in the absence of sudden shocks, it is expected to subdue even further in the months ahead. moreover, second - round effects are contained, under the influence of controlled expectations of economic agents on inflation. the domestic economic setting produced controlled inflationary pressures. aggregate demand slowdown led to spare capacities of production factors and controlled long - term inflationary pressures on the economy. therefore, core inflation was 2. 9 % in july, showing a downward trend, and was close to our inflation target. new economic data obtained in september are scarce. following our earlier analysis and based on new available information, the bank of albania deems that the albanian economy continued to grow during 2011. economic activity relied primarily on public spending and exports surge, while