Policy recommendations that are appropriate for some economies are not necessarily suitable for other economies. One salient theme, however, is that fiscal policy space is more limited across the spectrum than it was in the run up to the 2008–2009 financial crisis. Moving from broad policy recommendations to concrete messages on policy implementation is required to draw the policy-makers’ attention and establish a constructive dialogue. The Consolidated Multilateral Surveillance Report is a positive step in that direction. II. The medium-term challenges and the fund’s action plan  Under the current circumstances, the Fund should focus on its short-term policy challenges. Indeed, one of the main issues that the Fund is tackling right now, namely the Triennial Surveillance Review, will be shaped directly by the lessons that the practice and traction of surveillance reveal in the current uncertain environment. Such surveillance practices will be the basis on which to revamp the surveillance framework, for instance, through an integrated surveillance decision that encompasses both its bilateral and multilateral aspects. The Fund’s resource adequacy is, in our view, directly linked to the functioning of Regional Financial Arrangements (RFA) and the existence of bilateral central bank swap lines. It is welcome that major central banks are currently cooperating in this area. A reasonable  2  BIS central bankers’ speeches  question is whether current Fund resources, plus those available through RFAs and bilateral swap lines, are sufficient to deal with a significant major financial dislocation.
Gent Sejko: Launching of the new Albanian banknote serie Address by Mr Gent Sejko, Governor of the Bank of Albania, at the launching of the new Albanian banknote serie, Tirana, 12 September 2019. * * * Honourable Minister Denaj and Minister Shalësi, Your Excellencies, Distinguished guests, Ladies and gentlemen, It is a great pleasure to have you with us in this very important day for the Bank of Albania and our national currency. In the history of the modern Albanian state, the establishment and modernisation of its monetary and financial systems has a substantial place. The Albanian currency is a symbol that has been present throughout the development of the country, bearing distinctive features of each era in the history of Albania. It is not a coincidence that one of the key objectives in the creation of a national bank was, among others, the issue of the Albanian currency, immediately after the sublime act of the Declaration of Independence that laid the foundations on which the Albanian state was created. In 1926, one year on from its founding, in 1925, the National Bank of Albania presented and put in circulation, for the first time, a complete series of Albanian banknotes and coins. Subsequent developments in the centralisation and later modernisation of the Albanian state dictated the need for continuous improvements of banknotes in terms of both content and design. It has always represented, however, the economic, social and political development phases of Albania.