PRESS RELEASE
On the Activities of the Governor of the Bank of Albania, Mr. Ardian Fullani, at the Annual Meetings of the International Monetary Fund and the World Bank Group

On 10-14 October 2012, the Governor of the Bank of Albania, Mr. Ardian Fullani, headed the Bank of Albania's delegation to the annual meetings of the International Monetary Fund (IMF) and the World Bank Group, which this year took place in Tokyo, Japan.

This year's meetings focused on the latest developments in global economy, with special emphasis on the deceleration of economic activity in the euro area, as a result of the measures taken to adjust the fiscal balances. There was a consensus among participants that global economy will pursue a new trajectory in the coming year, with emerging economies fuelling the major share of growth and developed economies continuing to show structural weaknesses that impede growth.

During his stay in Tokyo, Governor Fullani held important meetings with: Ms. Nemat Shafik, Deputy Managing Director of the IMF; Mr. Philippe Le Houérou, World Bank Vice-President for the Europe and Central Asia Region; Mr. Arrigo Sadun, Executive Director for Albania in the IMF; Mr. Pierro Cipollone, Executive Director for Albania in the World Bank; Mr. Reza Moghadam, Director of the European Department at the IMF; Ms. Barbro Wickman-Parak,  Deputy Governor of the Sveriges Riksbank; Mr. Carlo Cottarelli, Director of the Fiscal Affairs Department of the IMF; and Mr. Moises Schwartz, Director of the IMF's Independent Evaluation Office.

 

During these meetings, the Governor of the Bank of Albania provided an overview of the economic developments in Albania, focusing on the central bank's measures in the field of monetary policy and banking supervision with a view to safeguarding macroeconomic stability and fostering Albania's stable economic growth. This decision-making has, among others, been conditioned by the serious concerns facing Albania's major trading partners, Italy and Greece. Preventing a possible contamination from our major trading partners is a real challenge we have faced and will continue to do so through swift and energetic actions. The Governor also noted that the maintenance of positive growth rates in Albania takes on a special importance in light of the current situation. Economic growth should be driven by the deepening of structural reforms and the preservation of careful macroeconomic stimulus.

Governor Fullani underlined that ensuring Albania's overall macroeconomic and financial equilibrium has been and remains the Bank of Albania's goal. The Governor and the international financial institutions' representatives concluded that the Bank of Albania's policies have been effective and pursued in due time, contributing at the same time to boosting economic activity in Albania. The representatives of both institutions commended the Albanian authorities for their work and encouraged them to advance the prudent policies. At the same time, they expressed their willingness to provide support and assistance based on the circumstances and the evolution of the international crisis in the future.

During his stay in Tokyo, Mr. Fullani had the opportunity to meet and exchange opinions with eminent personalities in the field of economics and finance, senior representatives of financial institutions, central bank counterparts and executive directors of the largest banking groups present in the annual meetings.