We make all our regulations and decisions accordingly. Distinguished Representatives of the Business World, Supply constraints that were triggered by the pandemic and gradually intensified due to geopolitical risks, and heightened volatilities in global financial conditions caused negative supply shocks, pushing global inflation to historic highs. The main determinants of the inflation we face are strong and persistent supply shocks, exchange rate developments and the resulting deterioration in pricing behavior. With the decisions we take, we aim to ensure a permanent decline in inflation as soon as possible. Accordingly, together with the interest rate policy, we have been effectively making use of the policy mix composed of liquidity, collateral, reserve requirements and management of international reserves. In the context of our integrated policy framework, we will continue to use our instruments with a liraization perspective. Additionally, while making our monetary policy decisions, we pay regard to the creation of financial conditions that will help increase investments and production, and support the sustainable current account balance objective. Our investment and export-targeted loan programs that will lead the sector, as well as our macroprudential policies, are also supportive of this process. While concluding my remarks, I would like to extend my thanks to you, as the representatives of the Turkish industry. The contributions of our industrialists will be of significant importance in achieving the current account surplus on the back of investment, employment, production, export gains that will lead our economy to sustainable price stability and development goals.

Increasing specialization brings real economic benefits, but can also leave workers more exposed to shifts in demand for their services, potentially on short notice. These issues are not going away, especially as emerging market economies take on a larger role in the global economy and automation continues apace. If we are to maintain a more open trade regime, globalization must be socially and politically sustainable. For that to be the case, we have to provide greater support to those who are hurt by trade. Policies should include more assistance with job retraining, help with job search and mobility, and broader unemployment support. We need to do more research into what measures have been effective in economies around the world, and we should encourage greater experimentation with new approaches. Getting the balance right between providing assistance and making sure that individuals hurt by trade can get back on their feet and achieve their earning potential will be a challenge, and we need a better understanding of what actually works. More generally, we need to do a better job positioning our workforce to cope with globalization and technological change. This will involve improvements across a range of areas, including not only education and training, but also the business regulatory environment and infrastructure investment that could support greater worker mobility. These measures would also promote higher productivity growth. While the scope and scale of issues differ substantially by country, many of these policy areas may also be relevant in India.