TIRANA, November 11 – In a video message for the 100th anniversary of the Bank of Albania, European Central Bank President Christine Lagarde praised the institution’s role in maintaining monetary and financial stability. She stressed that disciplined policies remain essential for Albania’s European path.

Lagarde highlighted concrete steps taken to protect financial stability, including the implementation of macro-prudential measures to strengthen the housing market and limit potential risks.

“The Bank of Albania has begun applying these measures to manage risks from the housing market,” she said, calling it a necessary step aligned with European best practices.

She also noted Albania’s alignment with international banking supervision standards and compliance with Basel III principles and European regulations. These efforts strengthen the financial system’s resilience and prepare the country for further European integration.

Lagarde emphasized that Albania’s growing ties with the European Union are among its most significant achievements in recent decades.

“In 1995, Albania’s per capita GDP was less than 15 percent of the EU average. Today, it exceeds 35 percent. Rising living standards reflect Albania’s increasing openness to international trade,” she said.

She added that the EU accounts for over 70 percent of Albania’s exports and more than half of its imports, demonstrating high economic integration. Through the European Central Bank and the system of national central banks, the EU supports Western Balkan countries in strengthening institutions and accessing shared financial infrastructures, including the single euro payments area.

“As Albania moves closer to the European Union, it is essential to maintain unwavering commitment to sound policies and reliable institutions,” Lagarde concluded, noting these foundations are key for a stable, European economy.

/a.p./