1 mln euros to bring BoA closer to EU standards

TIRANA, March 28 – Funded by the EU with 1 million euros, the twinning project launched last week between the Bank of Albania, and the national banks of Italy and France will improve the working practices of the Bank of Albania in line with the practices of the European System of Central Banks. The project will bring EU expertise and know-how from founding Member States to Albania’s banking system and will train experts of the Bank of Albania to assist the country’s economic integration with the Union.
The twinning between the Bank of Albania, Banca d’Italia and Banque de France will draft and implement a plan to raise the capacities of the Bank of Albania in matters such as Supervision and Financial Stability; Coordination of European Integration Process; Financial Literacy; Payment Systems; Statistics; Interbank market. Strengthened Supervisory functions of the Bank of Albania are instrumental to a better functioning banking sector which businesses can trust and rely on. The recent economic and financial crisis has highlighted the importance of central banks for economic stability.
During the launch ceremony, the Head of the European Union Delegation to Albania, Ambassador Ettore Sequi noted the importance of harmonised practices in a globalised world. He emphasised that “such an investment on the side of the EU is yet another indicator of the seriousness with which we have taken Albania’s EU perspective. I am glad that Albania’s national bank will be assisted by the national banks of Italy and France to prepare for economic integration, for this is precisely a step towards economic integration between EU Member States”.
The 1 million euro project will continue until May 2012 and it will be implemented jointly by the Italian and French national banks.