The next step is to look at skills upgrading, job placements, and career pathways in an integrated manner. The Institute of Banking & Finance, together with the industry, used the results of the study to develop a Skills Framework for Financial Services. Many financial institutions are using this framework to help plan career pathways, transitions in job roles, and training programmes. The third step is the most challenging: workforce transformation to support business transformation. Simply hiring those with the skills to fill emerging job roles and firing those who have become less relevant, will not work. We must invest in the existing workforce – building deep technical skills, broad lateral skills, and digital skills of the future. That’s what strategic human resource development means. Building a resilient workforce in the maritime industry will not be the same as in the financial industry – but there could be some potential take-aways. The maritime industry can consider doing similar granular analysis, to identify changing tasks and new skills in evolving job roles, map out skills gaps across the industry, and plan appropriate interventions. Maritime Singapore is off to a good start: the Skills Framework for Sea Transport, launched in 2017 and updated recently, identified skills in automation, engineering, data analytics, cyber security, and green shipping as growing in importance. The technology trends identified in the Skills Framework are bearing out.

In economic literature, capital outflows following the developments of this kind are called “sudden stops”. Turkey and many other developing countries have occasionally experienced such sudden stops. Keeping excessive volatility and international capital flows under control is crucial for financial stability. In this respect, macroprudential measures stand out as an important tool. The monetary, fiscal and financial sector policies adopted by advanced economies in the wake of the global economic crisis exposed even open developing countries with sound economic fundamentals to financial instability risk. The Central Bank of the Republic of Turkey, in view of this risk, safeguarded both price stability and financial stability simultaneously by adopting a flexible monetary policy, and thus contributed to the sustainable development path. In addition to the flexible monetary policy strategy implemented by the Central Bank as of the end of 2010, the prudent measures adopted by the BRSA accompanied by the safeguarded fiscal discipline strengthened the Central Bank’s hand. We firmly believe that we will attain very positive results with respect to price stability and financial stability by the end of 2012. Along with national macroprudential measures introduced by countries, some international criteria have also been developed for the sake of safeguarding financial stability. For example, the Basel III accords bring about new arrangements reinforcing the capital structures of financial institutions. These arrangements will ensure a more resilient financial sector against unforeseen risks and will contribute to financial stability. The recent efforts clearly point to a consensus among countries on the critical importance of safeguarding financial stability.