"Regulator independence is a necessity for achieving and consolidating market development. A transparent and stable environment promotes consumer confidence and encourages free and fair competition among all market participants", stated Enkeleda SHEHI, Chairperson of the Albanian Financial Supervisory Authority in her opening speech to the international conference organized by AFSA under the title "Independence of the Financial Sector Regulators: Reemphasized".

The event gathered in Tirana, on October 31st, top officials from around the region and financial market experts and offered an exquisite group of speakers, among which: Prime Minister of Albania H.E Sali BERISHA, the Ministry of Finance, Mr. Ridvan BODE, the Ambassador of the EU Delegation for the European Union Mr. Ettore SEQUI, the Mission Director of the USAID in Albania, Mr. Jim BARNHART, experts from the European Central Bank as well as representatives of the insurance supervising bodies from USA.

The main issue under debate was the growing evidence that independent regulators make regulations more effective and lead to smoother and more efficient operations of the market. International finance experts from EU and Balkan countries participated in panel discussions and presented case studies on issues related to autonomy and accountability of regulators, the impact of the financial crisis, and ways to foster the development of financial industry in developed and developing countries.

Albanian Prime Minister H.E Sali BERISHA praised the great job that the Albanian FSA has been doing in regulating and supervising the nation's emerging financial markets. While emphasizing the need to better educate the public about personal finance, the Albanian PM reasserted his support to the independence of the regulatory authorities as a decisive condition for their functioning and achieving their mission. He has also emphasized that the major lessons of the ongoing financial crisis in Europe are strict application of the law and resistance of politics in regulatory decision-making. Finally, the Prime Minister gave his Government's support to move quickly on winning approval of proposals related to the independence of financial regulators.

Albanian regulators have created a "safe, secure and supportive business environment" in Albania, said Jim BARNHART, Mission Director of USAID in Tirana. But he went on to say that regulators "should now have greater independence to avoid conflicts of interests." He said he looked forward to approval by year's end of the draft law and other legislative regulation that the Albanian FSA has sent to the Parliament.

USAID co-organized the conference with Albania's Financial Supervisory Authority (FSA). Ms. Holly Bakke, former Commissioner of the New Jersey Department of Banking and Insurance, delivered the keynote address. Among the countries represented at the conference were: Estonia, Kosovo, Hungary, Macedonia, Moldova, the Netherlands, Poland, Serbia, Slovenia, Turkey and USA.