The Albanian Economy: performance and policy challenges - 4 th Conference of the Bank of Albania

Production date: 20.04.2004
Printed on: 20.04.2004
Author: Bank of Albania

Material category

Not Periodic Publications, Others

Short Description

The 4th Conference of the Bank of Albania provided brainstorming on how to reduce the size of the informal economy in Albania, the reduction of the balance of payments deficits, the efficiency of the public sector on the phase of our transition economy and the efficiency of the monetary policy in particular, in order to achieve a macroeconomic and financial stability. Nevertheless, according to the participants in the conference, this stability should not harm or impede the business development on the development of the overall economy. The central aim of the transition process has been to transform entirely the system of centrally planned economy toward a system of decentralised decision making of market economy and to reach and preserve macroeconomic equilibriums. The experience, so far has shown that achieving this aim requires more than just liberalising the markets. The institutions that support the new market economy need to be more established and consolidated as well. The institutional reforms in transition economies, however, have proved to be more complex and time consuming than anticipated. This slow progress of the institutional reforms seems to be responsible for the inadequate development of many economic sectors discussed in this conference.

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