PRESS RELEASE
Governor Sejko attends Governors' Club of Central Asia, Black Sea Region and Balkan countries

On 13-15 May 2018, the Governor of the Bank of Albania, Gent Sejko, attended the 39th Meeting of the Central Bank Governors' Club of the Central Asia, Black Sea Region and Balkan Countries. The meeting was held in Bodrum, Turkey, attended by Governors of central banks of Club member countries and high-level representatives of the International Monetary Fund, the European Central Bank and the Bank for International Settlements (BIS). The Governor of the Central Bank of the Republic of Turkey, Mr Murat Çetinkaya welcomed and opened the proceedings of the meeting.

The global economic perspectives, the sustainable global growth, the challenges and possibilities of central banks regarding digital coins were on the focus of the discussions. This meeting served as an excellent discussing platform where representatives of central banks shared ideas and experiences on these matters.

Governor Sejko was the lead speaker in the panel on “Sustainability of Global Economic Recovery”. He pointed out the importance of such events, which provide the opportunity to share views and experiences, assess the progress made and reflect on our policy priorities and policy options.

Mr Sejko stated that after a long, hard road, through the financial crisis, the global economy is gaining momentum; meanwhile, countries have focused on dealing with the aftershocks of the crisis and on energising a prompt and rapid recovery.

He pointed out some of the factors that might affect the global growth, such as:  divergences around free and global trade; insufficient structural reforms; and the geopolitical stability. Regarding the divergences around free and global trade, the governor highlighted that, open markets allow for a more efficient allocation of resources and provide better employment opportunities. This is crucial to Albania and the SEE region, which represents a multitude of small and open economies.

Referring to advanced economies, where much of the focus has been on the financial system regulation and on the sustainability of public finances, he added that developing economies should work on the same direction.

Governor Sejko also highlighted the issue of global financial integration. Regarding the mitigation of financial market turbulences, an appropriate communication and information sharing is fundamental.

From a developing country perspective, such as Albania, we have further work to do in order to reduce the level of NPLs, to improve the supervision of the non-bank segments of our financial system, and to increase the resilience of our financial institutions and financial markets.

Concluding, Governor Sejko emphasised that correcting the problems of the past and setting the global economy on a path of sustainable growth is a common responsibility. We all share the benefits of global growth. We should all share the responsibility of ensuring its sustainability.

In the 39th Meeting, the National Bank of Hungary officially joined the Governors’ Club of Central Asia, Black Sea Region and Balkan countries.

About the Club

The Central Bank Governors' Club of the Central Asia, Black Sea Region and Balkan Countries was established in 1998, upon the initiative of the Central Bank of the Republic of Turkey. Its includes 26 member countries: Albania (since 1998) Greece, Turkey, Romania, Bulgaria Bosnia and  Herzegovina, Macedonia, Serbia, Montenegro, Russian Federation, Ukraine, Israel, Azerbaijan, Armenia, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, China, Czech Republic, Poland, Croatia, Slovenia, Belarus and Hungary. The purpose of the Governors' Club is to strengthen the ties among central banks in the region and foster regional cooperation, through the exchange of best experiences and round tables organised at governor or expert level on current issues of concern.

• Governor Sejko: Speech at the 39th Meeting of the Central Banks Governors’ Club of the Central Asia, Black Sea Region and Balkan countries