ECB launches Eurosystem cooperation programme

TIRANA, April 21 – The European Central Bank has launched a Eurosystem cooperation programme with central banks in three EU-aspiring Western Balkans countries.
The European Union has allocated Euro 500,000 to the programme from its Instrument for Pre-Accession Assistance to the central banks of Albania, Kosovo and Macedonia. The programme aims to prepare the three central banks in the region for joining the European System of Central Banks (ESCB), once the respective economies have qualified for EU membership.
To lay the foundations for this cooperation programme, the first Interim report was signed in Tirana last week by central bank governors who welcomed this programme as another step in strengthening cooperation between central banks in Europe and reinforcing the ties between the EU and the Western Balkans region.
“Strong central banks are key for monetary and financial stability in Europe and around the world. With this joint initiative, the central banking community in the EU stands ready to support our colleagues in the Western Balkans in their endeavour to introduce the highest standards, for the benefit of their countries and people,” said Yves Mersch, member of the Executive Board of the ECB.
Albania’s central bank governor Ardian Fullani said strong central banks are key for monetary and financial stability in Europe and around the world.
“With this joint initiative, the central banking community in the EU stands ready to support our colleagues in the Western Balkans in their endeavour to introduce the highest standards, for the benefit of their countries and people,” he said.
“The Project addresses 13 different fields of central banking, as identified by Bank of Albania and ECB experts, wherein the Bank of Albania needs to make progress to reach comparable benchmarks to an EU central bank. These fields relate to all the main functions of the Bank of Albania, such as monetary and financial stability, operations, financial infrastructure, transparency, accountability and human capital,” Fullani added.
Highlighting the importance of economic criteria for the EU integration process, Clive Rumbold from the Delegation of the EU in Albania said that “it is essential that Albania and the other countries in the region intensify reforms to build sustainable growth, address the challenges necessary to meet the economic criteria for EU accession and improve competitiveness.”