Jean-Pierre Roth: The financial crisis is receding – what will the future bring? Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank, at the Centro di Studi Bancari, Vezia, 15 December 2009. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  After the financial crisis, the global economy will enter a phase of weak economic growth. Unemployment levels in the industrialised countries will be comparatively high. Public finances in these countries have been heavily depleted, both by the crisis and by the needs arising from the ageing of their populations, and will need to be consolidated. In monetary terms, inflation will remain under control, at least in those countries whose central banks enjoy a strong level of independence. Switzerland is comparatively well equipped to meet these challenges. Its public finances are in a healthy state and it is sufficiently open to the world to participate in its most dynamic markets. With its tradition of high quality and cutting-edge technology, Switzerland is well positioned to react to specific market requirements. Moreover, it can draw on considerable financial resources and, thanks to the openness of its labour market, also has easy access to labour resources, without which growth would not be possible.
A detailed analysis on them can be found in our Annual Report *  *  *  Dear Madam Speaker, Dear Members of Parliament, Turning back to our analysis on economic and financial developments in the country, during and after the crisis, I would like to highlight a structural weakness of the Albanian economy  BIS central bankers’ speeches  5  that has accompanied it throughout the transition: high current account deficit and still low degree of our economy’s competitiveness in global markets. Today we live in a global world, with integrated capital, product and labour markets. As a developing country, Albania is facing (and will continue to face) a rising competition, not only in the region but also beyond it. In our opinion, the long-term sustained development of the country and reduction of our structural weaknesses, imply necessarily increase of competitiveness of the Albanian economy. Ongoing structural reforms should be driven by ambitious goals and a realistic time horizon. Structural reforms should aim at creating a more attractive climate for foreign and domestic investments, encouraging employment and further growth of welfare, providing:   A sustainable macroeconomic environment;    An efficient and reliable financial system;    A legal, complete and transparent functional framework;    A modern infrastructure;    A qualified and competitive workforce in terms of cost; and    A clear perspective for a faster integration into the European Union, which will open the way to convergence funds.