tokenised european framework : money is and will remain a public - private partnership, which has to evolve. as regards cross - border payments, the eurosystem has launched initiatives to help improve them, including exploratory work on linking tips with other fast - payment systems such as upi in india. we thereby support the g20 roadmap for creating a faster, cheaper, more transparent and accessible global payments ecosystem, while ensuring secure and reliable instant payments. the g20 roadmap also foresees, in the longer term, the use of tokenisation to further enhance cross - border payments. we now need to bring all these advances together to create a global motion picture, in a holistic manner. here, the idea of a " unified ledger " put forward by the bisvii looks like more than a promising technology : a rallying concept, or even a utopia. this nextgeneration market infrastructure would take one day in the future the shape of a shared, seamless and programmable platform that integrates central bank money, commercial bank money and tokenised financial assets – which would call for redefined and improved public - private partnerships. accordingly, in april 2024 the bis launched project agora, viii to explore the tokenisation of cross - border payments to improve the existing correspondent banking model. this major project brings together seven central banks worldwide, including the banque de france which represents the eurosystem, and a large group of private financial firms. but a first and necessary step towards such a global infrastructure should be to build regional shared ledgers – one of which would be european. a european shared ledger could prove an efficient means to overcome european market fragmentation and current inefficiencies, by facilitating the provision of seamlessly connected services across europe. it would therefore act as a catalyst for a savings and investments union, and provide tools such as green bonds and securities to finance the green transition, at a time where we have to mobilise europe's private savings surplus of more than eur 300 billion a year. in short, it would be an important lever for achieving our climate but also digital transformations, which are among our main challenges ; it would also help europe to gain in both size – by unifying its single market – and speed. achieving this ambitious vision requires moving forward step by step, in a phased approach. rather than replacing existing infrastructures which have already helped to reduce fragmentation in europe – like the harmonised settlement system t2

on the national accounting standards, adjusted for the microfinance activity. we retain current regulatory framework, after some expected changes and approval, is adequately monitoring microfinance activity in albania while not becoming an impediment for its development. while acknowledging the role of the microfinance as an important tool for ensuring development opportunities to small businesses that otherwise may never access financial resources, one should keep in mind that microfinance is sound if it is provided by sound institutions. there is not much benefit if such institutions fail because of lenience of their internal rules and procedures, and / or because the supervisory authority has closed an eye on them because of their social role. this will also make other institutions become hesitant in engaging in microfinance. the relationship between the microfinance institutions and the banking sector regarding their interaction in the economy financing, is a delicate issue. their coexistence is certainly “ peaceful ” at the early development stage of at least one of these groups of institutions, but as the economy grows and competition increases, they tend to move toward each - other. at that stage, it is important to pay special attention for ensuring clear “ rules of the game ” for their activity and to provide adequate policies that allow for structural reforms of these institutions and of their market influence. in conclusion, microfinance is a very important mean to achieve a balanced economic growth, by providing financial support to small and medium businesses which are vital for the medium and long term economic growth. compared to some other countries in the region, microfinance in albania have shown higher growth rates with good quality. however, there is ample room for enhancing it further. maintaining a stable macroeconomic environment, and the improvement of the level for a better law and order, and land and property rights, fair competition, are very important factors that will improve business financing in albania. as supervisory authority we will try hard for microfinance future growth to be sound. the credit bureau project that our bank is undertaking shortly is also expected to boost credit through ameliorating information problems. thank you for your kind attention.