Fullani: Political consensus, crisis needs calmness

“Encouraged by the perceived short-term profits against the real costs of the correction process, the public, the business and the interest groups demand short-term concessions from the respective institutions, including central banks. No extreme solutions can be demanded, when we haven’t still consumed all opportunities for mid-term and long-term consolidation”, Fullani declared.

Fullani admitted that the Central Bank’s encouragement to the economy by decreasing the interest rate has not been reflected in the market, but because the elements that are causing it are not controllable by the bank.

“The measures of our partners for increasing confidence in their financial systems and for regulating the macro-financial imbalances make it hard to transmit the monetary politics to the economy. They perturb the public and decrease their trust in the future. These are the reasons that hamper the banking system to finance the economy and teh government with low interest rates, and eventually transmitting the monetary politics in the Central bank, for easing the monetary and financial conditions”, Fullani declared.

Hence, the Bank Governor sees the solutions for cushioning the crisis’ effects outside the Central Bank and mainly on the politics.

“There is still room for a better execution of the collaterals, for decreasing the perceived risk that comes from severe political situations and the lack of consensus, the slowdown of the reforms and the quick support of the reforms that have been agreed on with the European Commission. The most important is that we must find a political consensus, in order to put economy above politics”, Fullani declared.

Bode: Crisis like “Hell”

The government has started having a better understanding of the Eurozone crisis, and the consequences that it has left in the Albanian economy.

It seems that it has moved from its position, when it excluded Albania from the great wave of the European economic drama.

“Transition for the regional countries was not that hard from the economic point of view, because the starting base was harder, but the current crisis and the measures that need to be taken for overcoming it seem like the Valley of Death”, declared the Minister of Finances, Ridvan Bode.

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