Georgieva and Lagarde: The credibility of the Bank of Albania, the foundation of national progress
Two powerful voices of world finance for the 100th anniversary of the Bank of Albania
On the occasion of the 100th anniversary of the Bank of Albania, two of the most important figures in international finance - Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) and Christine Lagarde, President of the European Central Bank (ECB), conveyed their congratulations and messages for this historic jubilee, appreciating the role that the Bank has played in maintaining monetary stability and in Albania's journey towards European integration.
Kristalina Georgieva: Central bank independence, the foundation of national stability
In her welcoming message, Kristalina Georgieva congratulated the Bank of Albania for 100 years of stability, reforms and vision. She emphasized that the history of the Albanian central bank is the best reflection of the evolution of the Albanian state – from the gold standard to modern inflation targeting policies.
"Central bank independence is much more than a formal technicality – it is the cornerstone of national stability," Georgieva declared, underlining the importance of the legal framework, transparency, and open communication with the public as elements that guarantee trust and stability.
The IMF chief praised the key role of the Bank of Albania in dealing with the crises of recent years – from the global financial crisis to the COVID-19 pandemic – and stressed that its unwavering commitment to prudent monetary policies and responsible regulation has strengthened the foundations of the country's economic stability.
Looking ahead, Georgieva emphasized that Albania faces new challenges such as geopolitical fragmentation, digital transformation, and demographic changes, but stressed that the IMF will remain a steadfast partner in this journey of reform and institutional strengthening.
Christine Lagarde: From inflation challenges to European integration
In her message, Ms. Lagarde noted the extraordinary transformation of the Bank of Albania over a century, emphasizing that this anniversary is a moment of reflection on the long path of the past and the challenges of the future.
She recalled the difficult transition period of the 1990s, when inflation in Albania reached over 200%, as well as the bold measures of the central bank to restore monetary stability.
“The 1997 law, which gave it operational independence and an unwavering mandate to maintain price stability,” Lagarde underlined.
The ECB President also praised the Bank of Albania's efforts to strengthen financial stability and align with European Union standards, through prudential regulations and inclusion in important European payment systems, such as SEPA and in the future in the TIPS Clone. According to her, this process reflects not only the bank's institutional success, but also Albania's progress towards full European integration.
“As Albania moves forward towards an ever closer relationship with the European Union, it is essential to maintain a commitment to sound policies and credible institutions,” Lagarde concluded.
A century of stability and trust
Both leaders, in their messages, unite in one essential idea: the success of the Bank of Albania is a success of institutional stability and public trust.
In a time of global change, the Bank of Albania is seen as an anchor of stability and as an institution that has known how to maintain independence, integrity and professionalism – serving not only as a central bank, but as a symbol of the maturity and progress of the Albanian state.
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