directors and senior executives of banks. in giving consent, we recognised that, under certain circumstances, all our large banks being australian - owned could increase our system ’ s exposure to stress emanating from the australian economy and financial system. we will be considering this further and have let it be known that we will take further measures to manage this risk if necessary. as noted before, the conditions imposed on the anz ’ s acquisition are a specific application of our current policy thinking around governance and crisis management, coloured by the additional considerations introduced by the rbnz amendment act. this thinking is still developing, and relevant to all systemically important banks. generic policies regarding these matters will be fleshed out as part of our broader financial stability work programme, and we will be consulting with banks on those generic policies in due course.

ardian fullani : past and future banking reforms in albania and the region speech by mr ardian fullani, governor of the bank of albania, at the fifth international banking forum, athens, greece, 6 december 2006. * * * honorable dr. margret doyle, dear mr. chairman, distinguished participants, before starting my speech i would like to briefly address the perennial question that stands at the heart of our quest : “ are the prosperous times ahead of us? ” it comes to my assistance an old saying of one of your ancient philosophers, eupides : “ prosperity is full of friends ”. as we are gathered here as friends, i believe we have a positive answer to this question. i would like to thank “ the economist conferences ” for inviting the bank of albania in this very important forum. it is a great pleasure to be here today. the topic of my speech will be economic reforms. i will take this opportunity to express my views on past and future banking and financial reforms in albania and the region. the topic is not new of course. however, reforms and their implementation are a dynamic process that must reflect changes and expectations for future developments in both domestic and global markets. therefore, it will always be an open discussion in need for new ideas and solutions. central banks are important contributors to the economic reforms and their implementation. they not only welcome and support but also generate reforms in the capital, labor, and product markets. such reforms have ripple effects that go beyond economic benefit of a long run stable growth and financial stability. i believe that positive spillovers will be materialized in the south east european region ’ s prosperity and its economic and political integration in european union. the bank of albania has been a constant generator and supporter of reforms both institutionally and as the provider of stable prices, sound macroeconomic conditions and financial stability. it makes an undeniable fact that financial integration which we are experiencing will be to the forefront of european union integration process. it will ease the challenges and speed up the process of european integration which albanians have embraced by wide popular consent. like in many other transition economies banking reforms in albania were implemented as an integral part of the structural reforms undertaken to transform the albanian economy in a market oriented economy. continuous improvement, along with approval and implementation of new banking legislation and supervisory regulation ; liquidation and privatization process of the state owned banks ; and foreign ownership ; have change banking and financial markets. foreign banks have been an important push factor toward increasing efficiency, number