The review of regulations has aimed at strengthening the capitalisation standards of banking activity. Based on the results of our work over the years, as well as the positive conclusions of the self-assessment process we have conducted in collaboration with specialised international institutions, in 2022 we have submitted a request to the European Banking Authority to receive the official equivalence status with the EU standards. Second, we have implemented the recommendations from the MONEYVAL Committee of Experts of CoE in the framework of strengthening the Anti-Money Laundering Measures and counter Terrorist Financing. In this regard, we have exercised our responsibilities for improving the regulatory framework and strengthening of the supervisory process effectiveness. The latest evaluations by the MONEYVAL committee show that the Albanian financial industry has a substantial alignment rate with the international requirements of this field. Third, we have continued to rigorously monitor the banking sector, through on-site examinations and off-site analyses. Assessment of credit portfolio quality, assessment of operational risk, information technology risk, liquidity risk, governance systems risks as well as assessment of transparency with clients have been the focus of examinations. Entities which have been under monitoring banks and non-bank financial institutions - follow a prudential approach related to risk management, and overall their activity is in compliance with the regulatory framework. Fourth, we have further enhanced our resolution capacity. This result has been archived following the completion and communication of resolution plans, and taking the relevant measures to guarantee their implementation. Fifth, we have promoted the development of payment system in Albania.
Opening remarks to the Bank of England ‘Independence – 20 years on’ Conference Remarks given by Mark Carney, Governor of the Bank of England  Bank of England ‘Independence – 20 years on’ Conference, Fishmongers’ Hall, London 28 September 2017  1  All speeches are available online at www.bankofengland.co.uk/speeches  Welcome to this conference marking 20 years of independent monetary policy making in the UK. We are here because long and varied experience has shown that price stability is the best contribution monetary policy can make to the public good. High inflation hurts the least well off in society the most. It distorts price signals, inhibits investment, and ultimately damages the economy’s productive capacity. Equally, deflation imperils growth and employment, and, in the extreme, leads to financial ruin and economic collapse. The happy medium is low, stable and predictable inflation. A little inflation greases the wheels of the economy, and it gives monetary policy space to deliver better outcomes for jobs and growth when shocks hit. Recognising the value to society of price stability is one thing, delivering it is quite another. The Bad Old Days Prices were anything but stable during the 1970s and 80s. With the collapse of Bretton Woods in 1971, UK monetary policy lost its nominal anchor. There followed a series of botched experiments, with targets for incomes, monetary aggregates and the exchange rate.