Albania’s PM Eyes Eurozone Bid
Business, Economy, Invest-Inform, Politics, Top News Saturday, September 19th, 2009Tirana | 18 September 2009 | Besar Likmeta
Prime Minister Sali Berisha says that Albania will reluctantly set its sights on inclusion in the eurozone, due to the pressure exerted by the European currency on the local economy.
Berisha told a regional conference on financial stability in Tirana that the euro is becoming a major issue “because this currency, supported by the biggest economy in the world, is exerting pressure on our [local] currencies”.
“I believe that the day on which we will surrender and will stop our fight against the euro is near, because we have no other way than to accept inclusion in the eurozone,” the Albanian leader added, as central bank governors from Serbia, Bosnia, Montenegro and other regional states looked on in silence.
“This is our destination, but when I see that even the British eurosceptics have begun to think differently on the euro, then you can imagine what kind of pressure that exerts on us,” he added.
Analysts have taken Berisha’s statement with a pinch of salt, arguing that inclusion in the eurozone is impossible at this stage in Albania’s development.
“Theoretically it is a good idea, but practically it is impossible,” says Ornela Liperi, chief editor of economics weekly Monitor.
According to Liperi, the Albanian government’s fiscal policy management record suggests that it is actually heading in the opposite direction, by amassing a large budget deficit.
“Albania is a developing country, which needs investments, and investments require loans and [a] deficit, and this is not compatible with the conditions a country should meet to join the euro,” she added. Source: Balkaninsight
Short URL: http://www.albanianeconomy.com/news/?p=2099
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