speech central bank of the republic of turkey prof. sahap kavcıoglu, central bank governor german - turkish chamber of commerce and industry 8 september 2021, ankara dear guests, first, i would like to thank the german - turkish chamber of commerce and industry for their kind invitation. in my speech, i will share our views on the recent economic developments in turkey. the european union is turkey's top trading and investment partner. eu countries account for 55 % of our exports and 50 % of our imports. most of our exports are destined for germany. despite the pandemic - driven drop in numbers, the majority of foreign visitors turkey receives are from the eu. european countries account for about 60 % of foreign direct investments. therefore, i would like to express that i find your participation and the mutual exchange of ideas that will come out of this meeting very important. the sped - up vaccine rollout worldwide bolsters global economic recovery. looking at the world economy, the services sector appears to have been more hampered by covid - 19 restrictions than the manufacturing industry. recent pmi data indicate that the services sector is matching the ongoing recovery in the manufacturing sector. this supports a more balanced global economic outlook in terms of demand composition. strong increases in services pmi hint at a worldwide economic rebound, particularly for the pandemic - damaged euro zone. growth prospects for our main trading partners suggest that the growth outlook might be more upbeat in august than in april. these developments reveal that our trading partners have seen their revenues increase, translating into an improved external demand outlook for turkey. this is conducive to the increase in our exports. during the pandemic, countries have propped up their economies with direct public expenditures, other financial aid, and incentives. some countries have used direct public expenditures more extensively depending on the fiscal room available, while others have introduced capital, credit and other liquidity incentives. advanced economies announced public assistance programs amounting to more than 20 % of their national income. for example, in the united states, the economy has been buoyed by government spending, at a rate of 25 % of gdp, and forgone revenue. in some countries such as italy and germany, financial assistance has comprised capital, credit and other liquidity incentives as well as fiscal policy. developing countries have supported their economies through various measures, albeit less vigorously than developed countries. in addition to following supportive monetary, fiscal and financial policies, turkey is among the economies that

willem duisenberg : china and the euro area in a global perspective address by dr willem f. duisenberg, president of the european central bank, at the symposium of the people ’ s bank of china, beijing, 25 february 2002. * * * governor dai, ladies and gentlemen, it is a great pleasure to be here in china and i feel especially honoured to be invited to deliver a speech at the people ’ s bank. first, i would like to wish you all a very prosperous new year, under the sign of the horse. i would also like to take this opportunity to thank governor dai and his staff, among other things, for their hospitality and for having prepared such an excellent programme for our delegation. ever since china opened up to the outside world in 1978, it has been a major trading nation thanks to social and economic reforms. the process has turned china into a major economy and strengthened it as a political power. in 2000, the size of the chinese economy, measured in terms of gdp, passed the usd 1 trillion mark, and is now ranked fifth behind the united states, the euro area, japan and the united kingdom. to accompany china ’ s growing economic and financial weight in the international community, the eu is committed to further developing a comprehensive partnership with this country. the ecb is playing its part through co - operation in both international and bilateral meetings. for example, we meet regularly with other central banks in the context of the imf, g20 and bis to exchange views on global economic and financial issues. in fact, i have already met governor dai once this year ( actually, last week ) in hong kong, at a bis special governors ’ meeting. europe and asia also co - operate closely through the asem ( asia - europe meeting ) process, launched in bangkok in 1996. this has now developed into a broad forum for in - depth consultations between european and asian partners and has prompted a range of co - operation initiatives. for example, in april this year the ecb will be organising a seminar on “ regional economic, financial and monetary co - operation : the european and asian experiences ”. of course, i would also like to recall that the eu has long been in favour of china joining the world trade organisation, as it now has done, for which i should like to congratulate you. on a bilateral basis, four summit meetings between the eu and chinese leaders have been held since 1998. leaders exchanged views on eu - china relations