At least in the run up to the crisis, some invested in levered paper, some of it in what amounted  2  BIS central bankers’ speeches  to Russian Doll shadow banking – a money fund buys short-term ABCP backed by CDOs, etc. What I suggest here is that:   Money Market Funds should be required to choose between being –  Variable Net Asset Value (NAV) funds or Constant NAV funds  –  Any remaining CNAV funds should be subject to capital requirements of some kind  –  All should be subject to “gates” or other measures that can be used to delay withdrawals, to make runs less likely. That package would not completely prevent runs; regular mutual funds can suffer runs. But it would make them somewhat less brittle. Europe should want a global standard or at least a globally consistent approach to money funds. Much the largest money-fund industry in the world is based in the US. But it is not confined to domestic, US intermediation. It is internationally active – lending to banks, corporates and sovereigns around the world. That underlines the importance of the outcome of the deliberations of the SEC and of the US Financial Stability Oversight Counsel in this area. We have to hope that the US authorities will take action – making not only their own domestic financial system safer, but the global system safer.
Moreover, the increase in the use of financial channels contributes to enhancing financial inclusion, increasing the opportunities for savings and productive investments. Taking into account the benefits from the formal penetration of remittances in the economy and 1/2  BIS central bankers' speeches  the insofar contribution to the banking and financial sector, the Bank of Albania suggests added attention with regard to reducing transfer costs and improving or designing afresh products and services /targeted to this segment of the population. From its side, the Bank of Albania is engaged to further modernise the payment system infrastructure and align the legislation to the EU directives for an open, barrier-less, and competitive market. In the last two years, the Bank of Albania has been engaging in concrete projects with the World Bank, related to remittances and financial inclusion. The first project consists in an assessment of the compliance with the “General Principles for international remittance services” designed by the World Bank and the Bank for International Settlement and a concrete action plan, with many stakeholders involved, to comply with those fields that need further improvement. Another noteworthy project is the Greenback of the World Bank dedicated to remittances, implemented in several countries across the world. This project comes now to Albania as a receiver of remittance and aims at enhancing the efficiencies in the market for remittances and raising the awareness and financial education, and has Bank of Albania’s endorsement until its completion.