TIRANA, Nov 20 /ATA/ – A team of European Commission experts has carried out a TAIEX mission in Tirana to assess the independence of the Bank of Albania and offer advises on strengthening the alignment of the country’s legislation with EU standards.
The experts, led by Klaas Knot, former governor of the Dutch central bank, are holding meetings with senior state officials, including Albania’s central bank governor, Gent Sejko.
The talks aim to identify concrete steps to harmonize the Bank of Albania’s legal framework with that of the European Union and reinforce safeguards for its institutional and financial independence.
The European Commission considers central bank independence a key precondition for macroeconomic stability and monetary-policy credibility, both essential for sustainable economic development.
This position is shared by international leaders such as European Central Bank President Christine Lagarde and IMF Managing Director Kristalina Georgieva, who have stressed that independent central banks are vital for economic stability and long-term growth.
In the meeting with Sejko, the two sides discussed detailed measures for aligning legislation with the EU acquis and for further strengthening the bank’s independence and governance.
Sejko said the Bank of Albania remained fully committed to enhancing its independence in line with EU requirements and European best practices.
According to the European Commission’s 2023–24 Progress Reports, aligning the central bank law with the EU acquis remains a priority, particularly regarding the personal independence of the governor. The reports note that further improvements are still needed to achieve full compliance with EU standards.
After the mission concludes, the expert team is expected to prepare a package of recommendations to be presented to the European Commission and subsequently to the Albanian authorities as part of the EU accession preparations.
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