monetary policy of the Bank of albania

417 Pages·2009·3.83 MB·English

Bank of albania
Monetary Policy
StrategieS for SMall
econoMieS
editor
ArdiAn FullAni


Foreword
The book you are holding in your hands contains a series of presentations made by
distinguished national and international experts in the 7th Annual Conference of the Bank
of Albania titled “Monetary Policy Strategies for Small economies”, held in Tirana on
6-7 december 007.
I avail myself of this opportunity to express my appreciation to all the Conference speakers
for accepting the Bank of Albania’s invitation to provide their outstanding scientific
contribution to finalizing the -year project and analyzing all the preconditions required for
the successful implementation of the inflation targeting regime in Albania. The speakers‘
analyses, recommendations and conclusions provided in the Conference will assist the Bank
of Albania’s future endeavours and work.
The views and conclusions expressed in this volume are those of the authors and should
not be attributed to the Bank of Albania or to any institution with which the authors are
affiliated.
I also wish to thank the staff members of the Bank of Albania for their contribution to
finalizing this project.

Ardian Fullani
Governor


content
The ConTrIBuTorS 9
oPenInG SPeeCh 
Ardian Fullani, Governor, Bank of Albania
SuSTAInABle PolICy MIx In The CAndIdATe
And PoTenTIAl CAndIdATe CounTrIeS 
Peter Grasmann, dG eCFIn, european Commission
neIGhBourInG CounTrIeS:
how To drIve In The FAST lAne? 
Giorgio Gomel, head of International economic Analysis and relations
department, Bank of Italy
eurozone And neIGhBourInG CounTrIeS, whAT
To exPeCT?
CoMMenTS on Three PreSenTATIonS 7
Marko Škreb, Chief economist and strategist, Privredna Banka zagreb, a
member of Intesa SanPaolo Group

MoneTAry PolICy STrATeGIeS:
SoMe evIdenCe FroM eu MeMBer STATeS
In The drIve To eMu 6
Theodoros Papaspyrou, Special Adviser, Bank of Greece
exChAnGe rATe PolICy In SouTh-eASTern
euroPe: doeS IT MATTer? 8
Fabrizio Coricelli, director for Policy Studies, european Bank for
reconstruction and development (eBrd)
Peter Sanfey, lead economist, european Bank for reconstruction and
development (eBrd)
Marko Atanasovsky, Intern within the office of the Chief economist,
european Bank for reconstruction and development (eBrd)
reCenT exPerIenCeS wITh exChAnGe rATe
reGIMeS And MoneTAry PolICy In
SouTh-eASTern euroPe And Turkey 00-007 9
Stephan Barisitz, Senior economist, Foreign research division,
oesterreichische nationalbank
PrIvATISATIon, ConSolIdATIon And The
InCreASed role oF ForeIGn BAnkS 7
dubravko Mihaljek, Senior economist, Bank for International Settlements
MoneTAry STrATeGy IMPleMenTed In koSovo 69
Michel Svetchine, Managing director, Central Banking Authority of kosovo
InFlATIon TArGeTInG In Turkey: A revIew oF
reCenT exPerIenCe And ProSPeCTS 8
yusuf Soner Baskaya, research and Monetary Policy department, Central
Bank of Turkey
6
new MoneTAry PolICy FrAMework And
reduCTIon oF InFlATIon In SerBIA 9
Milan Sojic, Ph.d., deputy General Manager, economic Analysis and
research department, national Bank of Serbia
MoneTAry PolICy STrATeGy oF The nBrM:
exPerIenCeS And oPTIonS 0
Aneta krstevska, director, research department, national Bank of the
republic of Macedonia
evoluTIon And AdoPTIon oF The
BAnk oF AlBAnIA’S MoneTAry PolICy: A
ForwArd-lookInG vISIon And A CAll
To Be Pre-eMPTIve 9
Ardian Fullani, Governor, Bank of Albania
MoneTAry PolICy: InSTITuTIonAl And
oPerATIonAl FrAMework TowArd A ForwArd
lookInG reGIMe 8
Gramoz kolasi, director, Monetary Policy department, Bank of Albania
Bledar hoda, Sofika note, Monetary Policy department, Bank of Albania
CoMMenTS on: InSTITuTIonAl And
oPerATIonAl FrAMework TowArdS A
ForwArd lookInG reGIMe 
Meir Sokoler, Monetary policy adviser to the Bank of Albania
MACro eConoMeTrIC Model oF AlBAnIA:
A Follow uP 9
Jakab zoltan, Principal economist, Central Bank of hungary
vasilika kota, elona dushku, specialists, research department, Bank of
Albania
7
dISCuSSIon on “MACro eConoMeTrIC Model
oF AlBAnIA” 7
david vavra, Adviser, national Bank of Serbia
The role oF exChAnGe rATe In An IT
FrAMework, whAT do we do? 
Altin Tanku, director, research department, Bank of Albania
Ilir vika, research department, Bank of Albania
Marian Gjermeni, director, Monetary operations department at the Bank of
Albania
dISCuSSIon on “The role oF exChAnGe rATe
In An IT FrAMework, whAT do we do?” 69
david vavra, Adviser, national Bank of Serbia
MoneTAry TrAnSMISSIon MeChAnISM
In AlBAnIA 7
Gramoz kolasi, director, Monetary Policy department, Bank of Albania
hilda Shijaku, Chief of Sector, Statistics department, Bank of Albania
diana Shtylla, Chief of Sector, Monetary Policy department, Bank of
Albania
CoMMenTS on “MoneTAry TrAnSMISSIon
MeChAnISM In AlBAnIA” 09
kerstin Mitlid, Adviser to the Governors, Financial Stability department,
Sveriges riksbank
8
The ConTribuTors
Mr. Ardian FullAni
Governor, Bank of Albania
Mr. ardian fullani was sworn in on october 28th, 2004 as
governor and chairman of the Supervisory council of the Bank of
albania. Before his appointment as governor,
Mr. fullani was general Manager of the italian-albanian Bank
(2000- 2004), and Deputy general Manager (1997-2000).
He has extensive experience and in-depth knowledge of the
banking sector in albania and abroad. He started working at the
State Bank of albania in 1985, and since 1987, he served as Deputy
Director of foreign Department. With the establishment of the Bank
of albania in 1992, he was appointed Deputy governor and Director
of foreign Department. He has also worked in the capacity of the
President of the albanian association of Banks, chairman of the
institute of Banking Studies and assistance, as well as commissioner
of the albanian Securities commission.
on June 7th, 2007, Mr. fullani was awarded by Mr. giorgio
napolitano, President of the republic of italy, the title
“commendatore dell’ordine della Stella della Solidarietà italiana /
commander of the Star of the italian Solidarity”.
Mr. fullani was born on January 15th, 1955 in tirana, albania.
He holds two degrees, in finance and law, from the University of
tirana.

Peter GrAsMAnn
head of unit, dG, eCFIn, european Commission
Peter grasmann was born in Stuttgart, germany. He studied
economics, law and statistics at Munich University and University of
california at Berkeley. Previously he worked as assistant professor in
the economics Department of Munich University and the california
institute of technology and later in commercial (Bayerische
Hypotheken und Vereinsbank) and investment (Merrill lynch)
banking as analyst and consultant. in the european commission he
first worked on financial integration and capital movements, later on
the economic situation and forecasting for the eU economy. Since
2001 he has been working on the economies of candidate countries. He
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