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"A model of how the country's independent institutions should be"/ Rama on the 100th anniversary of the Bank of Albania

2025-11-11 10:14:00, Politikë CNA

"A model of how the country's independent institutions should

Prime Minister Edi Rama was present at the conference for the 100th anniversary of the Bank of Albania.

In his speech, the Prime Minister said that the Bank of Albania is the model of how the country's independent institutions should be.

Rama further said that at the beginning of this second century, the Bank of Albania is in a completely different position from that of its creation.

Rama stated that normalization today means much more than the use of the base rate. The Prime Minister stated that nowadays, in addition to managing money, there must also be management of algorithms, which, like money, cannot manage themselves.

Management that, in addition to monetary policies, also requires new policies.

" With the help of the Austrians, Ismail Qemali almost created the Bank of Albania. The seed sown in 1913 led to the birth of the Bank of Albania, and yet history has not been so generous. For reasons that would need to be explained exhaustively, this is an institution that represents us as a model of what independent institutions of the country should be. 50 years ago, when the EU was an experiment, the Bank of Sweden organized an international conference to address the same challenge we face today.

Today, the Bank of Albania enters its second century and finds itself on a different map than the one it was placed on at the beginning of its first century. Today, we are aware that monetary policy is not measured only by the base rate, but also by expectations. Today, normalization means much more than using the base rate mechanism. It also means prudence and creativity.

While we try to take the steps of the membership process as quickly as possible, trying to understand what we need to do more to avoid being faced with the possibility of not closing chapters, and the general tendency is to play on the safe side, the world changes at a dizzying speed and the new developments that are globally penetrating the world of money are truly such that they shake to the core those issues that a short time ago seemed resolved.

Today we are at another level. In addition to money, we must also manage the algorithms we face. Algorithms that cannot manage themselves. For this reason, in addition to monetary policy, new control mechanisms are needed in order to manage algorithms, but we also need a more open mind to accept these developments that we cannot control, but we must do our best not to let them control us , "said Rama.