Gent Sejko: Albania's economic and financial developments in 2022 Address by Mr Gent Sejko, Governor of the Bank of Albania, presenting the Annual Report 2022 to the Parliamentary Committee on Economy and Finance, Tirana, 31 May 2023. *** Honourable Chair, Honourable Members of the Committee, I am pleased to be back before the EF Committee to present the Annual Report of the Bank of Albania for 2022. I consider the presentation of this Report, as well as the today's hearing, fundamental for the Bank of Albania's accountability relationship with the Parliament. Dear ladies and gentlemen, Meeting our mission and legal duties, realising the commitments in view of the mediumterm development strategy, and complying with the recommendations left by the Parliament of Albania for 2022, have been important objectives guiding the activity of the Bank of Albania throughout 2022. The Albanian economy has faced a wave of complex and unprecedented shocks in recent years. These shocks have tested the sustainability of the economic and financial balances of Albania, triggering serious challenges to Albanian businesses and households, in turn requiring fast and coordinated reaction from public authorities. Though it is still early to provide a final analysis of consequences from the war in Ukraine, I am pleased to see that the Albanian economy has displayed a high resilience against these shocks. This resilience has been shown, first, in the maintenance of a positive economic growth rate, and second, but no less important, in the preservation of overall economic and financial stability in the country.
Overall, Switzerland – a small open economy with a highly developed financial sector – is in a position to derive particularly significant benefits from the globalisation of financial markets. It is important to take advantage of these opportunities. Protectionism when foreigners acquire companies and excessive regulation of foreign investment should be avoided. Rather, the sale of Swiss companies below their real value can be avoided through innovation, flexibility and good management, and excessive risks of foreign investments can be limited through more personal responsibility on the part of investors. BIS Review 131/2007  1