PRESS RELEASE
Governor Sejko attended the 7th conference of the ECB for CESEE countries on “Institutional quality and sustainable economic convergence”

On 5 October 2017, the Governor of the Bank of Albania, Mr Gent Sejko, attended the 7th conference for the Central Eastern and South Easter Europe (CESEE) countries on “Institutional quality and sustainable economic convergence”, organized by the European Central Bank (ECB), in Frankfurt, Germany.

This conference proceedings were organised in two main sections, with senior representatives from the ECB, central bank governors from the CESEE countries, as well as renowned experts of the banking and financial sectors.

The discussions at the conference focused particularly on the current role of central banks in the process of economic convergence in the European Union, based on the experience of each country in their efforts for building institutional capacities.

Governor Sejko participated in the panel on “Challenges and policies to attain sustainable economic convergence in CESEE countries” chaired by Mr Benoît Coeuré, Member of the Executive Board of the ECB.

In this panel, the Governor presented an overview of the challenges faced by the SEE convergence process from the Bank of Albania’s point of view, as well as the position of Albania in the face of these dimensions.

In his speech, Mr Sejko highlighted that through the structural reforms undertaken in Albania, the institutional framework has contributed to the convergence process. He added that macroeconomic policymaking has improved lately, helping to achieve a long-term, comprehensive and sustainable economic growth.

The Governor said that the long-term political future and economic prosperity are closely related to the EU convergence and integration processes, and although the SEE countries have differences amongst them the economic and political benefits from it form common grounds.
In conclusion, Governor Sejko stressed that the contribution of the institutions of the European Union to this process has special importance, thanks to the transparent and objective EU integration guidelines, as well as monitoring and reporting on each country’s progress. “On one hand, this will enhance the positive leverage the EU integration process has on the development of our countries and societies. On the other, it will induce positive compliance competition amongst the countries in the region.” - the Governor said.

During the conference, the Governor of the Bank of Albania, Mr Gent Sejko, answered to questions from attendees, and had the opportunity to discuss with senior representatives from the ECB and governors from CESEE countries’ central banks.

Full text of the Speech by Governor Sejko