We revised our assumptions for TL-denominated import prices upwards for the upcoming period compared to the previous reporting period. On the other hand, we envisage that the latest domestic developments will curb domestic demand particularly in the short term. Accordingly, we revised our output gap forecasts downwards. The year-end consumer inflation forecast for 2016 remained unchanged as downside effects and upside effects on inflation cancelled each other out. On the other hand, end-2017 consumer inflation forecast was revised upwards by 0.5 points as the upside effects driven by import prices outweighed the effects of the downward revision in the output gap and food inflation. In addition to these forecasts, we summarize a variety of risk assessments regarding the overall macroeconomic outlook and the monetary policy in the Risks and Monetary Policy section of the Inflation Report. You can refer to the Report for details. Esteemed Guests, In the final part of my speech, I also would like to share some information on structural developments I mentioned in the previous Inflation Report briefings. Previously, I have emphasized that long-lasting price stability would only be achieved through cooperation among institutions. Moreover, I underlined the role of structural factors in the higherthan-targeted inflation realization and price volatility in certain products. We continue to take actions in this regard. Last month, secretarial affairs of the Food Committee were entrusted to the Central Bank of the Republic of Turkey. From now on, the Committee will be headed by the Deputy Prime Minister and measures regarding food prices will be evaluated efficiently.

A coordinated approach across the EU could be a win-win situation, as it would reduce the statistical reporting burden of MNEs by removing the need to fill in questionnaires from 27 Member States in more than 20 languages. Sixth, further sectoral detail is needed to allow for an adequate analysis of risk exposures and account for the activities of purely internationally oriented entities. To this end, the ESCB feasibility study on establishing new data for foreign-controlled corporations in the balance of payments and the financial sector accounts is very welcome. Ideally, such data would be available for both financial and non-financial accounts. With regard to the need for a harmonised recording of SPEs in cross-border statistics, the definition provided by the dedicated task force of the IMF Committee on Balance of Payments Statistics and the provision of operational recording guidance are welcome steps. These developments will be helpful in ensuring the availability of internationally consistent statistics, with a separate breakdown for SPEs in due course. Within the EU, other important initiatives include the Early Warning System on large corporate events and the Asymmetry Resolution Meetings, which the ECB and Eurostat have set up as part of the regular statistical production rounds to reduce bilateral asymmetries in the measurement of foreign direct investment. Seventh, I would like to take this opportunity to highlight the importance of climate change as a fledgling field for macroeconomic statistics.