EU assists Albania’s central bank, criminal justice system

TIRANA, July 18 – The European Union continues to assist Albania in many areas of interest that directly affect all the population.
Central bank and the justice are two main areas which were focused by the recent assistance that Brussels has given to Tirana.
The 1 million Euro twinning between the Bank of Albania, and the national banks of Italy and France was completed and after the past 20 months its working practices have improved in line with the practices of the European System of Central Banks.
Experts from Banca d’Italia and Banque de France have worked side by side with the Albanian counterparts, and members of staff of the Bank of Albania have received trainings to assist the country’s economic integration with the Union.
Head of the European Union Delegation to Albania, Ambassador Ettore Sequi noted the importance of a reputation of trust and reliability of central banks for the economy. Thecapacity of the Bank of Albania has enhanced to deal with data, to analyze risks so that it may be better equipped to react effectively.
The twinning between the Bank of Albania, Banca d’Italia and Banque de France prepared and implemented 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.
In another project the EU helped the Albanian Justice System on the best practices on criminal justice, the activity of the Court of Serious Crimes and its contribution in the creation of a solid history in the fight against organized crime.
The fight against organized crime, the fight against corruption and judiciary reform are among the 12 Key Priorities of the European Commission for Albania to gain candidate status.
Sequi said that “Albania needs to show comprehensive and convincing progress in this area to fulfill requirements for candidate status, especially to further strengthen inter-institutional cooperation among law enforcement services and with the judiciary to create a solid track record of cases and convictions”.
The fight against crime, especially cross-border and organized crime remains a challenge in Albania as such crimes continue to threaten the stabilization and development of the Western Balkans, as well as the internal security of the European Union.
The European Union is a key partner in the fight against organized crime and the main provider of financial assistance in this field. The European Union has allocated 150 million Euros to the strengthening of the Rule of Law in Albania. 6.5 million Euros were allocated to the construction of a new modern building for the Serious Crime Court and several more millions for training and support to its judges and prosecutors.