PRESS RELEASE
Questions and Answers at the Governor's Press Conference, 25 June 2014

Question - It may sound slightly commonplace these days to be asked about Albania being granted the EU candidate status, doesn't it? Now that all has been said, what are your expectations as the Governor of the Bank of Albania about the EU candidate status, with respect to the Albanian economy in general, and monetary and financial market developments, in particular?

Answer - In fact, your question doesn't sound commonplace at all. On the contrary, I find it important to reiterate and keep our attention on Albania's new status on a daily basis. There is a large-scale programme laid out in front of us, which the domestic and international financial markets have taken into account since January this year. I would say it is not merely a step; it is a significant leap for the country.

As I noted earlier, the international financial markets have taken this decision into account long ago, and have materialised it into their projections and policies. However, besides the positive supporting effect for Albania, the EU candidate status also poses some very important tasks to us, in terms of strengthening the institutions, continuing with the structural reforms, and enhancing the credibility of the Albanian economy.

The EU candidate status implies we are now part of a large global market, with both rights and responsibilities. The risk premiums fall considerably, enhancing in turn the credibility of domestic and international markets with respect to the Albanian economy. However, the Albanian economy must improve its competitiveness in order to earn a meritable place in these global markets and benefit the productivity and lower costs. The latter two will make our economy more compatible with the European and global economy, and at the same time more attractive to foreign investors, a key factor for the country's economic development.