“Strengthening the independence of the Bank of Albania” - EU Mission assesses the approximation of the country's legal framework with the acquis. Set of recommendations
A special mission of the European Commission has assessed the independence of the Bank of Albania as a necessary prerequisite for price stability, the credibility of monetary policy and the functioning of financial markets. This team is in Tirana for several days, holding meetings with the Governor of the Bank of Albania as well as with the highest leaders of the state.
During the meeting with the Governor, concrete steps to align the legal framework with the acquis, and to strengthen guarantees of institutional and financial independence were discussed. “The Bank of Albania remains fully committed to further strengthening our institutional independence and governance, in line with the EU acquis and best European practices”, stated Governor Sejko.
The Commission's recent assessments have underlined the continued importance of strengthening the independence of the Bank of Albania, including the full update of the Law on the Bank of Albania and the harmonisation of aspects of the personal independence of directors with the requirements of the acquis.
The reports have emphasized that the primary objective of the BoA is price stability and that the bank should enjoy institutional and financial independence, but it is noted that the personal independence of the Governor remains only partially harmonized with the acquis.
After the meetings in Tirana, the team is expected to prepare a package of recommendations that will be presented to the European Commission and then communicated to the Albanian authorities for further action, in view of preparations for membership.
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