This answers to the call that often comes from industry that we should nail down everything in Cooperation Agreements (CoAgs) or work towards some kind of global treaty. I do not think this is necessary to ensure resolution will work effectively. There is a level of detail and complexity in the resolution plans that does not lend itself to a quasi-legal document like a CoAG. But more importantly emphasis on CoAgs misses how the process has evolved. The metaphor originally conceived for resolution plans was living wills. This was powerful, comprehensible by all. It captured the notion that the failure of large banks would not be left to chance in future but instead would be worked through in advance and part of what it would be to be a responsible, regulated entity. But it also gave the impression that each plan would be idiosyncratic, unique to the firm. In fact, as time as gone on it has become clear that for G-SIBs many of the elements of the plans are similar and the identified barriers generic. Indeed discussions in CMGs for individual G-SIBs has translated into minimum requirements for resolvability at the level of the FSB. In the way that we are removing barriers, we are expressly setting out to provide a platform for cooperation to work, ensuring that home and host interests in this process are aligned. The FSB’s TLAC standard is a good example of how the dynamic of resolution planning in CMGs has provided the impetus for the policy changes.
The real sector is showing signs of constant recovery, corroborated by some positive developments in the external economy. I would like to underline that a clearer prospect of the political and economic situation in Greece will have a positive impact over the upcoming period. The Bank of Albania has been continuously monitoring the developments in our Southern neighbour, aware of the various risks that could spill over in the Albanian economy. But, thanks to the precise and duly interventions, especially in the banking sector, these risks never materialised. BIS central bankers’ speeches  1  The constant easing of the monetary policy seems to be reflected especially in investment indicators, with the domestic and foreign ones showing significant improvement over the first half of the year. On our side, we are happy that these investments were not only due to public sector interventions. There was also a substantial component by the private sector. This makes us believe that well-studied projects by the investors, coupled with an increasingly sound and pro-investment business climate, will serve as main drivers for the economy towards not only higher but also more sustainable growth in the near future. In accordance with the best contemporary practices, the Bank of Albania has endeavoured to enhance the transparency in its communication with the public, not only about the actual decisions but also about our forecasts. The Bank of Albania has constantly conveyed to the economic agents the idea that the monetary policy will remain accommodative and will sustain the revitalisation of the economy.