PRESS RELEASE
Speech by Mr. Ardian Fullani, Governor of the Bank of Albania, at the ceremony launching the Bank of Albania’s twinning project, 23 March, 2011

Ladies and Gentlemen,
Distinguished guests,

It is my pleasure to be with you today at this ceremony launching this important project.

This event is exciting for me and many colleagues among us, because we see today that a proposal, a brilliant idea has come to life, which I am convinced that will be turned into a useful and very successful product in the months ahead.

In my first speech to the public, about 7 years ago, I stressed that: "The Bank of Albania regards the European Central Bank as an institution that represents not only the model of organization and operation we intend to rapidly approximate to, but also the possibility for a concrete cooperation in specific areas of Bank of Albania's functioning and the strategic objectives of Albanian economy".

From this viewpoint, it is my pleasure to ascertain that today's simple ceremony is a proof of:

• Accomplishment of the ambition I had at the beginning of my mandate;
• Maturity of our institution;
• Rapid approximation to the standards of the European System of Central Banks;
• Increased public confidence in the Bank and its improved image in the international arena.

I am convinced that the twinning project for which we are gathered today will further foster the cooperation and communication between our institutions, not only in the professional area but also in the personal one, an element to which I strongly believe. We live in a global society, where developments in the banking and financial world take place at alarming steps and therefore central banks should have internal, strong and reliable mechanisms of coordination and communication, which would prepare our institutions to cope with such situations.

In the light of this outlook, the twinning project is a priority element that would assist our Bank in its path, but not only that. By cautiously analyzing the overall scope of the project, we observe that it is focused on providing assistance to the Bank of Albania to fulfil the economic criteria in view of our country's integration to the EU, hence contributing to improvement of working practices on banking supervision, statistics, payment systems, interbank market, coordination of EU integration process and financial education.

I would also like to stress that this twinning project aims, inter alia, at approximating the standards of our institution to those of the European System of Central Banks (ESCB) and the legal and regulatory framework of our bank to the acquis communautaire affecting the banking and financial area.

A proverb says: 'When planning for a year, plant corn. When planning for a decade, plant trees. When planning for life, train and educate people'. This is a philosophy which is exemplified even today through this twinning project, which alongside the assistance for developing the aforementioned areas will also help raise awareness of the need for information and training our institution's staff in respective areas. Harmonization of tasks and standards of our work with those of the European Union is one of the priorities of the Stabilisation and Association Agreement, and also of our institution, as an essential part of this process of nation-wide importance.

On this occasion, I would like to express my gratitude for the excellent cooperation we have had with the Banca d'Italia and the Banque de France during the preparation and implementation of the first stage of the twinning project. Also, my thanks go to the Delegation of the European Union for the ongoing assistance and caution shown throughout the performance of the twinning project. I express my strong conviction that these are only the first steps of a closer cooperation between our institutions.

I commend your endeavours and also hope that the successful implementation of this project will serve as an example for all of us to be more committed to initiatives of this kind.

I conclude, strongly convinced that this project and this cooperation are the cornerstones for a better future, a significant step towards European integration of our institution. Let us build on our hopes and above all, accept our responsibilities. Let this be our European future.