Albania launches preparations for euro, new rules for monetary policy

This is envisioned in the new bill “for the Bank of Albania”, which has been launched for public consultation and, for the first time, includes a special chapter regulating the transition from money to euros.

Economist Gentian Beqiri estimates that adoption of the euro and Eurozone membership will bring a variety of benefits to the Albanian economy.

However, we are not part, but Euro is part of the economy and we do not already have the benefits of being in the eurozone to have very low levels of bank interests. We don't have the risk of exchange rate. The exchange rate is too volley and unpredictable. It costs to exchange money. So, euro sharing eliminates these. ”

According to the expert, Eurozone membership and Albania's inclusion in the European System of Central Banks will create new opportunities for the economy and strengthen the country's financial stability. When you are part of a larger economy, a small economy like Albania becomes part of a security and a higher standard than we currently have. Parting means that we benefit, even having a small percentage based on the services we will receive as a result of the profit. So there is certainly a lot of positive aspects. ”

Meanwhile, another important effect of Eurozone membership relates to a clearer division of responsibilities in the drafting and implementation of monetary policy.

So far we have seen many interventions, so we have not stabbed the role of government, politics and the role of the Bank of Albania. As a result, these will be very clear. ”

The bill is already in public consultation and represents an important step in the process of linking Albanian legislation with that of the European Union.

It also envisions increased capital of the Bank of Albania from 2.5 billion to 6 billion dollars, as well as increased General Reserve from 12.5 billion dollars to 30 billion dollars. /rtsh