Ardian Fullani: Recent economic and monetary developments in Albania Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the joint press conference with the Albanian Minister of Finance and the IMF Mission Chief for Albania, Tirana, 22 June 2011. *  *  *  Dear media representatives, In the last two weeks, a team of the International Monetary Fund (IMF) led by Mr Gerwin Bell, Mission Chief, visited Albania. During this visit, we had intensive discussions on the current economic developments, the economy’s expected performance and appropriate orientation of macroeconomic policies. This visit in the framework of Article 4 Consultation focused also on structural issues of the Albanian economy, highlighting the steps to be made for ensuring sustainable long-term growth. Brief overview of key issues discussed First, the 2010 and early 2011 economic and financial developments showed that, overall, the Albanian economy overcame the global crisis effects with success and has the prerequisites to generate economic growth in the period ahead. Foreign demand was the main contributor to the 2010 economic growth, while the current year is expected to be characterised by a resurgence of domestic demand and slower growth rates of Albanian exports. Overall, the macroeconomic situation is balanced, characterised by low and controlled inflation; safe, liquid and well-capitalised financial system; improving financial markets; and improved current account position. These developments reflect, inter alia, the relevant policies, which have proven effective in buffering large shocks from the global crisis.
M R Pridiyathorn Devakula: Thailand's Monetary Policy - its obstacles and challenges An address by Mr M R Pridiyathorn Devakula, Governor of the Bank of Thailand, at the Seminar on "Where does Thailand stand now?" Bangkok Post – Tradex Economic Forum Bangkok, 26 September 2001. *  *  *  Your Excellencies, Distinguished Guests, Ladies and Gentlemen, The tragic terrorist attack in the United States, and the repercussion on the financial markets all around the world, reinforced what we already witnessed in the 1997 Asian crisis – that the financial world has become closely inter-twined, globalised and integrated. Disturbances in one market readily spread to and affect all the others. This is the kind of challenge facing policymakers in setting monetary policy these days. Past Achievements Ladies and Gentlemen, Let me briefly review the economic developments. Thailand has faced a number of difficulties and fought hard in the last four years. We have gone through unprecedented adjustments and improvements on both economic and financial reforms. The Thai economy has gradually recovered. The growth rate of GDP, which was a contraction close to 11% in 1998, has now been maintained in a positive territory for more than two years; 4.2% in 1999, 4.4% 2000 and would highly likely be positive again this year, even though at lower percentage of growth. Macroeconomic and financial stability has been restored.