Everyone copies the Bank of Albania

The draft says they have made a draft based on the International Monetary Fund recommendations, and they want full competences in spending funds.

This means that the Financial Supervision Authority will have the right to decide on its own the its salaries and perks of their employees, without depending from the national payment hierarchy.

According to the Authority, this would increase the independence and make it possible to employ more qualified experts. But this is not the only regulator of the financial market that demands independence.

Another request has arrived in Parliament by the Agency of Deposit Insurance. Even this institution want the same competence, the right to spend without obeying to the legal hierarchy.

Experts say that the independence of regulators is vital for defending the system. But the question is how far should it go? Because Albania has a precedent like this and the result has opened strong public debates.

We have the case of the Bank of Albania, where independence and full freedom to spend has produced a huge growth of spending in payments and diets. This phenomenon has been reported by Parliament members.

But that is not only that. There are spending that mount to hundreds of millions of ALL for luxury, such as the creation of sportive teams within the institution which spend more than the national team.

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