of these bilateral free trade agreements are to create a regional free trade area among west balkan countries. authorities in south east european countries have shown signs of consistent regional collaboration ; however, they need to make additional efforts to unify and harmonize their legal, institutional, regulatory and infrastructural frameworks. these efforts need to be supported by a clear commitment by eu financial groups to the region ’ s small open economies. the development of the regional markets for products and factors, investment in education and improvement of human capital, exploitation of economies of scale and comparative advantages, will depend on the availability of credit and investment and the financial support of the banking system. in this respect, eu financial groups will be instrumental factors for building bridges of cooperation among economies of the region and its transformation into a larger, better integrated, more competitive, more profitable and prosperous economy, eventually leading to a prosperous economic future through economic cooperation. in this respect, i encourage foreign groups to adopt a regional rather than a country specific view when considering their future in the region. it goes without saying that any policy that restricts commitment and exposure of eu financial groups in the region does not support economic cooperation among our countries. it rather creates a struggling environment and a less prosperous future for all economies of the region. the western balkans region offers great opportunities and profitable perspectives for eubased corporations and financial groups. the harmonization of above - mentioned reforms will create an even more attractive environment for different private entities interested in investing in our region. i invite eu financial groups to see the region under this perspective. european institutions and financial groups should support and become a positive force to facilitate, smoothen and support regional economic cooperation, which will lead to a better prosperous future and a faster european integration process of the region. thank you for your attention! bis central bankers ’ speeches

cost - effective way, as well as to increase financial inclusion. the strategy has a detailed action plan ; the bank of albania is fully committed to its implementation. in this framework, i would like to emphasise a notable achievement, the finalisation of the draft law on “ payment services ”, which transposes the revised eu directive on payment services ( psd2 ). the draft is currently subject to public consultations. the approval of this draft - law would provide the preconditions for promoting innovative technological solutions, and introduction of more efficient and less - costly instruments. at the same time, it contributes to enhancing the security of payment services by addressing risks related to the implementation of innovative technological developments in these services. in the period ahead, we will continue to improve payment services ; an important initiative in this regard is the preparation of a draft - law “ on payments account ” which transposes another eu directive. it seeks to underpin the objectives for increasing financial inclusion of the population, which is currently at relatively low levels. i am confident that the expansion of financial inclusion, notwithstanding its short - term costs, will contribute significantly to bolstering your intermediation activity in the long run. in addition to regulatory improvements, we are engaged in a series of projects on infrastructure improvements. such as : creating a national platform for real - time processing of payments. such platforms have proven to be very effective, as they realise a payment within seconds and may replace or supplement areas where the activity of card payments have not been effective. 4 / 5 bis central bankers'speeches creating a national switch, which implies processing a cad payment through a domestic platform, avoiding prolonged cycles via international card processors. creating a system for the settlement of euro payments domestically in order to lower the existing very high commissions resulting from the use of correspondent banks, which are very costly. all these legal improvements and technological modules, which are being made available to you should be followed by concrete actions on your side, to expand the range of instruments and lower their costs. * * * dear ladies and gentlemen, the banking sector has had and will continue to have a positive development prospect in albania. that does not mean, however, that there are no challenges lying ahead of us. on the contrary, there are numerous, complex and dynamic ones, often combined with unpredictable development, domestically and internationally. it is our duty, as actors and regulators of this industry, to respond in a timely and decisive fashion, to turn the already