In addition, the ECB has the following high-priority requirements concerning the euro area statistics compiled by Eurostat and the NSIs: 1.  more comprehensive and timely statistics on services, labour markets and housing markets;  2.  better use of available data through the compilation of regular euro area supply and use tables and the integration of labour accounts into the national accounts, which  10  See “Recent developments in consumers’ inflation perceptions and expectations in the euro area” in the November 2007 issue of the ECB’s Monthly Bulletin. 4  BIS Review 50/2008  are needed both for productivity and growth analysis and for updating the EUKLEMS data; and 3.  closer coordination of national statistics with regard to seasonal and working day adjustments, revision policies and release calendars. As regards the process innovations, the Governing Council of the ECB last year endorsed a long term vision for statistics produced by the Eurosystem: •  concerning input, the same data should be collected only once;  •  concerning data processing, the Eurosystem’s statistical function should operate as an efficient production network; and  •  concerning output, the fitness for use of Eurosystem statistics and statistical communications should be further enhanced.
At the same time, the number of households, whose deposits are guaranteed by the deposit insurance scheme, has increased six fold, to 2.4 million. In parallel with quantitative indicators, the Albanian banking sector has developed, has become more cutting-edge, and has marked significant progress in the range of bank products and payment instruments that it provides. Lastly, and equally important to the development indicators, this sector has proven resilient to shocks and – unlike many other experiences in regional countries – it did not need to use public funds. While highlighting, on the one hand, the progress made insofar, I would like to point out that the banking sector development – and of the financial system in general – has not been a linear one: it has constantly faced challenges of different forms and types. These challenges have required prudence as well as active, intelligent and courageous decision-making. I am confident that our combined experience may and will help us in future decisions. Therefore, I consider this conference as an excellent opportunity to reflect on certain challenges that we may face in the period ahead. First, let me present a brief overview of the economic and financial situation and development perspective for Albania. As we have repeatedly said, the Bank of Albania deems that the Albanian economy is set on a steady path of improvement of its cyclical position.