Our projections have not changed: the Bank of Albania expects economic activity to improve progressively over the medium-term horizon. This performance will continue to be sustained by stimulating financial conditions and growth of private domestic demand. It will contribute to the improvement of economic and financial equilibriums in Albania and to the return of inflation to target within 2018. BIS central bankers’ speeches  1  The realisation of these objectives requires maintaining the actual mix of economic policies. The monetary policy will maintain the stimulating trend over the medium-term horizon, while the intensity of the monetary stimulus will not decrease for some quarters ahead. On the other hand, the fiscal policy should maintain its consolidating trend. The balance of risks related to expected developments remains on the down side. The expansion of economic activity continues to be decelerated by the unfavourable economic performance in the euro area, which is further complicated by the Brexit, as well as by the behaviour of economic and financial agents, who continue to show reluctance in undertaking long-term business projects. Against this backdrop, the Bank of Albania deems that economic policies and structural reforms should focus on: –  Maintaining and further strengthening the economic and financial stability. –  Accelerating structural reforms, especially with regard to: improving the legal setting and business climate; encouraging domestic and foreign investments, completing the infrastructure; enhancing productivity; and, improving the labour market. –  Expanding crediting, to support the country's medium-term development.
Zdeněk Tůma: The role of the EBRD in the transition process towards fully fledged market economies Statement by Mr Zdeněk Tůma, Governor of the Czech National Bank and EBRD Alternate Governor, at the 15th Annual Meeting of the EBRD Board of Governors, London, 22 May 2006. *  *  *  Mr Chairman, Mr President, Governors, Ladies and Gentlemen, It is an honour to address the Annual Meeting of the Board of Governors in London and I wish to express my appreciation also to the Government of United Kingdom and to the City of London for their hospitality. We are today participating in the fifteenth Annual Meeting of the Board of Governors and we can look back on these years with considerable satisfaction regarding the role of the EBRD in the transition process towards fully fledged market economies. Many countries - including my country, the Czech Republic – have witnessed significant and considerable political and economic transformation. I am glad to say that the European Bank is one of those successful institutions that have significantly contributed to this process. The Board of Governors has today approved the Bank's strategy for the period 2006 – 2010 – the Capital Resources Review 3. The new strategy reflects the successful transition achieved in the “Advanced Countries” and the Bank's activities are being focussed towards the South-Eastern and Eastern countries of its operations. We support this move. In Central Europe the Bank focuses on just a few sectors today.