However, the impetus for take-off inevitably had to come from outside. Our economic problems were, and still are, neither confined to a sector nor a region. The line separating positive and negative developments runs right across the economic landscape. It is still quality of performance, characterised by innovation, flexibility and productivity, which determines success. Consolidating public finances remains important. Furthermore, efforts to promote competition must continue even though considerable progress has already been made. In this context, we have to realize that in many quarters, people are obviously sceptical about the concept of competition. The argument has not yet sunk in sufficiently that when it comes to allocating resources, the free play of market forces is well suited to achieve prosperity and economic welfare. This, however, is only possible within a framework of general economic stability. One of the most gratifying recent developments is a steady decline of unemployment. Since imbalances in the labour market continue to exist, we must foster both know-how and motivation. Sufficiently flexible working conditions and greater mobility are also essential. Finally, it is important to remember that securing the right macroeconomic environment and its exploitation by people participating in the economy is an ongoing challenge. Consequently, there are no quick, simple or cheap solutions for the problems confronting us. Monetary policy The Swiss National Bank has the task of conducting a monetary policy in the interests of the country as a whole.

Durmuş Yilmaz: Managing liquidity in the Islamic financial services industry Speech by Mr Durmuş Yilmaz, Governor of the Central Bank of the Republic of Turkey, at the conference on “Managing liquidity in the Islamic financial services industry”, organised by the Islamic Financial Services Board (IFSB), Istanbul, 6 April 2011. *  *  *  Distinguished Participants, Esteemed Guests and Valued Members of the Press, Welcome to the Conference on Managing Liquidity in the Islamic Financial Services Industry organized by Islamic Financial Services Board (IFSB). As the Central Bank of Turkey, we are very pleased to host this special event. I would like to extend my appreciation to the IFSB for organizing this timely conference in this beautiful city. I believe that this conference will be a productive platform for fruitful discussions on Islamic liquidity management practices. In this opening speech, I will share my thoughts regarding managing liquidity in Islamic finance and the challenges ahead. Distinguished Participants, As you all know, unconventional polices and extraordinary measures have been put in place by central banks and fiscal authorities during and after the financial crisis. As liquidity concerns played a major role in the deepening of the crisis, intense discussions on a new structure in global liquidity management have dominated the global arena. In this context, liquidity management issues in the Islamic Financial Services deserve a special attention. Successful implementation of a solid liquidity management system can be the key for sustaining the rapid growth of the industry.