The Croatian National Bank Governor Boris Vujčić stressed today during a working visit to the Central Bank of Albania that the countries of the Western Balkans, and in particular Albania, have a solid foundation for economic growth and the process of convergence with the European Union.

The visit, an important step in the further development of bilateral relations between the Bank of Albania and the Croatian National Bank, began with a meeting held at the premises of the Bank of Albania. Governor Ghent Sejko praised the relationship between the two countries and the two central banks, stressing that there is significant scope for further development of economic and technical co-operation. The governors agreed that the economic cycles of the countries in the region, including Albania, are aligned with those of the euro area, and that the financial systems have a high degree of integration and dependence on monetary, supervisory and regulatory policies adopted by the euro area. Commending the progress so far, Governor Vujčić stressed the importance of continuous dialogue between the central banks of the region and offered CNB support to take this conversation to a higher level.

As part of Governor Vujčić's official visit, the Bank of Albania also organised a round table with representatives of the banking system and senior officials of the Bank. The event discussed the latest economic developments, inflation in the region and in the European Union, the euroisation of the economy and its challenges, as well as other important issues for the banking system, such as supervisory and regulatory measures adopted by the European Central Bank, and the modernisation of payment systems.

Referring to the experience of the Croatian National Bank in the process of joining the euro area on 1 January 2023, the CNB Governor singled out in particular the reforms implemented by the CNB in strengthening institutional capacity in order to successfully overcome the challenges arising from euro area membership.