TIRANA, November 20 – An EU expert team visited Tirana as part of Albania’s EU accession process. The mission took place through the Technical Assistance and Information Exchange instrument, TAIEX.

The experts evaluated the independence of the Bank of Albania. They also provided strategic advice to strengthen the alignment of Albanian legislation with EU standards.

Klaas Knot, former governor of the Dutch Central Bank, led the team. They met with top state officials, including the Governor of the Bank of Albania, Gent Sejko. The meetings aimed to identify concrete steps to align the bank’s legal framework with the EU and to reinforce its institutional and financial independence.

The European Commission considers central bank independence essential for macroeconomic stability and reliable monetary policies. These elements are key to sustainable economic development.

International leaders such as Christine Lagarde, president of the European Central Bank, and Kristalina Georgieva, managing director of the International Monetary Fund, also supported this approach. They highlighted that a central bank’s independence is vital for economic stability and long-term growth.

During discussions with Governor Sejko, the experts reviewed the details of aligning Albanian legislation with the EU acquis. They also explored further steps to strengthen the bank’s independence and institutional governance.

Governor Sejko said that the Bank of Albania remained fully committed to further strengthening its independence. He stressed that the bank considered EU requirements and best European practices.

The European Commission’s 2023–2024 Progress Reports noted that aligning the Bank of Albania’s law with the EU acquis remains a priority. They particularly emphasized the personal independence of the Governor. However, the reports pointed out that improvements are still needed to achieve full alignment with EU standards.

After the mission, the expert team planned to prepare a set of recommendations. These recommendations will be submitted to the European Commission and then to Albanian authorities. They aim to support Albania’s preparations for EU membership.

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