TIRANA, Nov 5 /ATA/ – Bank of Albania Governor Gent Sejko met on Thursday with European Central Bank (ECB) Executive Board member Piero Cipollone to discuss payment infrastructure modernisation and Albania’s financial integration with the European Union.
Cipollone is visiting Albania to attend the 8th International Conference on Regional Card Schemes and Financial Market Infrastructures for Retail Payments.
During the meeting, Sejko praised the ongoing cooperation between the Bank of Albania and the ECB, describing the European institution as an important partner in the country’s EU integration process.
He reaffirmed the central bank’s commitment to further aligning Albania’s legislation and regulatory framework with the EU acquis, describing this as an institutional priority aimed at strengthening implementation capacity and adopting European best practices.
Sejko also outlined recent economic developments, highlighting the resilience and positive performance of the Albanian economy. Economic growth has been supported by consumption, investment, tourism and a sound banking sector, while inflation has returned close to the Bank of Albania’s target, he said.
Particular attention was given to modernising payment infrastructure. Sejko noted that Albania’s participation in the Single Euro Payments Area (SEPA) had already helped reduce transaction costs and transfer times, while encouraging the use of digital channels and formal payment services.
He also highlighted the implementation of the TIPS Clone project, which aims to establish a national instant payment platform aligned with European standards, enabling real-time transactions around the clock, seven days a week.
Sejko praised the support of the Bank of Italy and Cipollone’s contribution to the initiative, which is also expected to create better conditions for expanding cross-border payments.
Cipollone, for his part, welcomed the Bank of Albania’s commitment to modernising the payments market and aligning it with European standards, stressing the importance of developing financial services that are secure, efficient and accessible.
The two officials also discussed the importance of central bank independence in fulfilling its mandate, maintaining price stability and strengthening public confidence.
Cipollone said central bank independence was essential to preserving institutional authority, credibility and reputation. He also stressed the importance of aligning the Bank of Albania’s legal framework with European standards on central bank independence and the prohibition of monetary financing of the public sector.
Sejko concluded by underscoring the importance of continuing and deepening cooperation with the ECB to advance reforms and strengthen Albania’s financial integration with the European Union.
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