  How has the last global financial and economical crisis impacted the Albanian economy, the regional economy and more priority the convergence process?   Can we afford it? All these are very important issues on which I think we should stop and study in deep. They are subject of research work, whose findings shall light the orientation of economic and structural reforms. Given that, the Bank of Albania has joint the forces with the University of Oxford to carry out a scientific research dedicated to the finding of the answers for the above questions and other similar. Answers to these fundamental issues benefit not only Albania and its regional partners, but also the EU and its political and economical structures. I am confident that the European Commission may exploit the outcomes of these scientific researches to build up new anchors, as economic and political incentives in order to increase the efficiency of all regional sources. These studies shall help us to better see that: What and how should be done to return EU, its Pre-adhering Economic Programs and Fiscal Economic Programs into stronger external anchors for the national and regional policies. However, it is important to realise that international restrictions can not support the long-term sustainable prosperity in absence of internal anchors. BIS Review 117/2010  3  Obligations that may be imposed from Brussels or from other international organisations are indispensable as long the internal anchors are fragile.
Eddie Yue: Investment in infrastructure is crucial to Asia’s growth Statement by Mr Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority and Head of the Delegation of Hong Kong, for the 46th Asian Development Bank Annual Meeting, Delhi, 4 May 2013. *  *  *  I would like to thank the Government of India for hosting the 46th Annual Meeting of the Asian Development Bank (ADB). I wish to take this opportunity to pay tribute to Mr Haruhiko Kuroda for his excellent work in leading ADB for more than eight years. We welcome the appointment of Mr Takehiko Nakao as the new President of ADB, and look forward to continue working closely with the Bank under his leadership in furthering the development of the region. Global economic sentiment has improved since the beginning of this year. The announcement of further accommodative monetary easing by major advanced economies has reduced tail risks and stabilised financial markets. But while the accommodative monetary policy will help authorities buy time to solve the problem, it is by no means a substitute for medium-term fiscal consolidation and structural reforms that are required for the economy to regain competitiveness and return to a sustainable path. Looking ahead, economic adjustments and deleveraging in both the public and private sectors are set to continue in the advanced economies, and regional economies will increasingly have to look to themselves for new sources of growth.