. nevertheless, they should be more attentive to long - term trends, because they have a stake in the sustainable development of the economy. • second, we have developed a financial system and pursued a financial integration strategy based on the banks, which account for more than 90 % of the financial system throughout the region. therefore, recent suggestions about developing domestic capital markets as an alternative to a bank - based financial system are useful, but perhaps unfeasible in the short to medium term. • third, the see is and will remain a capital - hungry region, which should be partly intermediated through international banks. this fact should be recognized by both bis central bankers ’ speeches eu regulators and eu parent banks. a new business model relying purely on domestically - generated deposits is a wrong answer to the previous extremes of huge capital inflows. currently, key challenges to financial stability in the see area comprise non - performing loans, slow growth of credit to the economy, the problem of fiscal finances, and the exchange rate stability. their nature and magnitude are directly related to the growth problem and the private sector approach to consumption, savings and expectations. these problems were either created or exposed by the crisis and have exacerbated due to financial stability - related issues of our partner countries and their approach to the solution of such challenges. more directly, the banking sector has seen deleveraging due to required financial stability measures of the european banking authorities. does this have an impact on credit and growth? the obvious answer is yes. whether directly or indirectly and despite their origin, current financial stability problems are related to slow economic growth, which, in turn, is the result of shrinking financial intermediation. in principal, these developments have combined in a vicious circle, which is leading the economy in a slow downward spiral. there are certain important lessons learned by the crisis. above all, there is a substantial change in the perception of policy design and policy implementation by authorities with two defining trends. first, we are observing a new paradigm – the rethinking of the central bank policy design and policy implementation. the new model consists first in the idea that cpibased inflation targeting might not be enough to preserve macroeconomic and financial stability, and second, in the use of macroprudential regulation in combination with traditional monetary policy measures. to be effective, these measures require a strong coordination with traditional monetary policy and banking regulation and supervision measures. unless coordinated, they can do more harm than good. moreover

the prolonging of this program or the one that says that the government ’ s responsibilities should increase, by the imf leaving now? presently there are no camps ; actually there has not been any camp ever. personally i believe that the imf is the best certifier of our national balances and statistics and the guarantor of our macroeconomic policies ; unquestionably, the best guarantor to associate albania towards european membership.