On May 13-15, 2018, the Governor of the Bank of Albania, Gent Sejko, attended the 39th meeting of the Central Asian, Black Sea and Balkan Governors’ Club. This meeting was held in Bodrum, Turkey, and participants were the heads of the central banks of the member countries of the Club, as well as senior representatives of the International Monetary Fund, the European Central Bank and the Bank for International Settlements (BIS). The activity was opened with the greeting speech of the Governor of the Central Bank of the Republic of Turkey, Murat Çetinkaya.
During the works of the Club were discussed about global economic prospects, sustainable global growth, challenges and opportunities of central banks regarding digital currencies. This meeting served as an excellent discussion platform where central bank representatives were able to share their ideas and experiences on these issues.
The Governor of the Bank of Albania, Gent Sejko, was the main speaker of the panel on “Sustainable Global Growth”. He delivered a presentation to the attendees, first evaluating the importance of participating in such activities as an opportunity to share views and experiences, as well as to assess progress made and to reflect on future priorities.
The governor said that after the financial crisis is over, the global economy is gaining momentum. He added that the focus of the countries has been to address the consequences of the crisis and promote a quick recovery.
Governor Sejko brought to the attention of the participants several risk factors that could affect global growth, such as: divergence around free and global trade; structural reforms; financial market turbulence and geopolitical stability. Regarding the divergence around free and global trade, he stressed that open markets allow for more resource allocation and provide better employment opportunities. This is crucial for Albania and the region, which consists of a large number of small and open economies.
Taking as an example the developed economies, for which the focus has been on structural reforms to regulate the financial system and the sustainability of public finances, he added that developing countries should also work in the same direction.
Governor Sejko, during his speech, also underlined global financial integration. Regarding the mitigation of financial market turbulence, proper communication and exchange of information will be essential.
From the perspective of a developing country, such as Albania, he said that more remains to be done to reduce the level of non-performing loans, to improve the supervision of non-bank financial system segments and to increase the elasticity of institutions financial and financial markets.
In conclusion, Governor Sejko underlined that correcting the problems of the past and setting the global economy on the path of sustainable growth is a shared responsibility. We all share the benefits of global growth and together we have to share the responsibility to ensure its sustainability.
During the 39th Club meeting, the ceremony was held for the newest member of the National Bank of Hungary, the Club of Governors of Central Asia, the Black Sea Region and the Balkans.
The Governor’s Club was established in 1998 at the initiative of the Central Bank of the Republic of Turkey. The members of this Club are 26: Albania (since 1998), Greece, Turkey, Romania, Bulgaria, Bosnia and Herzegovina, Macedonia, Serbia, Montenegro, Russian Federation, Ukraine, Israel, Azerbaijan, Armenia, Georgia, Kazakhstan , Kyrgyzstan, Moldova, Tajikistan, China, Czech Republic, Poland, Croatia, Slovenia, Belarus and Hungary. Its purpose is to strengthen ties between the central banks of the region and to foster regional co-operation through the exchange of best experience of dealing at roundtable meetings at the level of governors or experts in problematic issues of the moment.
News Source: Bank of Albania