Candidate status to increase opportunities, governor says

TIRANA, July 8 – The granting of EU candidate status last June will make Albania part of a bigger market, reducing risk premiums and increasing the reliability of domestic and foreign market to the Albanian economy, central bank governor Ardian Fullani said in his latest press conference when the Bank of Albania decided to keep the key rate unchanged at 2.5 percent.
“This is an important milestone for the country. Foreign markets have already taken into consideration this decision and materialized it in their projections and policies on Albania.
The EU candidate status also puts forward important challenges such as the strengthening of institutions, the continuation of structural reforms and increasing the reliability of the Albanian economy,” he added.
The central bank governor says the Albanian economy must necessarily increase its competitiveness to be part of the global markets and benefit from their productivity and lower costs. “Both of these will make the Albanian economy more compatible with the European and global economy, but at the same time more attractive to foreign investors who are key to the country’s economic development,” he said.
Being recognized as an EU candidate country has a number of implications for Albania. It is an important political signal for Albania and its citizens, showing that the country is moving to the next phase of the European integration process. From an economic perspective, candidate status will encourage foreign investments and, as a result, lead to job creation, says the European Commission.