Albania is in the last miles on the road to membership in the European Union. In every European negotiation, behind the political declarations lies the work of technical institutions. Among them, the Bank of Albania plays a key role in preparing the financial and institutional system for the standards required by the European Union.
As the central monetary authority, it is directly involved in 9 chapters, in two of which it is the lead. But how feasible is the objective of successfully concluding the negotiations by 2027?
"In my opinion, 2027 is an objective that will naturally require hard work. And I remember that this hard work is in addition to our daily tasks, but it is absolutely achievable," Natasha Ahmetaj, second deputy governor of the Bank of Albania, tells A2 CNN.
"Opportunities conditioned by challenges" on the difficult path of membership in the "union" with the ambitious objective of 2030 are also accepted by the highest representatives of the Central Bank. For a "yes" instead of a "no", the country must first meet several conditions. "Whether it is for the movement of flows in the real economy, or for the movement of financial flows... it seems to be realized by fulfilling all the requirements of Moneyval to ensure that all this is done according to standards that prevent money laundering", says Ahmetaj.
Albania in general and citizens and businesses in particular would gain a lot from membership in the European Union. "Albania in a large market. There are all the economic theories that argue why it is better to be part of a competitive market if your standards enable you to participate in that market."
Inclusion in the Single Euro Payments Area is one of the examples. The Second Deputy Governor of the Bank of Albania, Natasha Ahmetaj, also indicates the date when it will be possible to send and receive money at a significantly lower cost. “We are already members of the SEPA area and all banks have submitted their applications, which have of course been accepted. We are simply waiting for the procedural deadline for this purpose, which is October 5. We believe that October 5 is the first date that transactions according to SEPA standards will be operational,” says Ahmetaj.
The role of the Bank of Albania remains technical and long-term: preparing monetary, financial and institutional frameworks that meet EU criteria. In the final stages of negotiations, this work, without much public resonance, creates the necessary foundation for a stable and functional financial system after accession. (A2 Televizion)
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