the euro into the turkish economy. the first positive effect is that elimination of the transaction costs arising from a multitude of european exchange rates has encouraged the use of the euro as a unit of currency. between 1994 and 1998, the euro ’ s share in the current account ’ s foreign exchange receipts averaged 37 % and in its foreign exchange expenditures averaged 32 %. eighteen months after the introduction of the euro, these figures have barely changed : the respective shares are 40 % and 33 %. the second positive effect is that the convergence criteria of the maastricht treaty, and the copenhagen criteria, require economies seeking to join the eu and emu to become efficient market economies and achieve a high degree of verifiable convergence with the eu. as we all know, the requirements include price stability, low market - based interest rates, stable exchange rates, and sustainable public finances. and whether or not it is considered immediately important for turkey to become a member of emu, these convergence criteria can give us an effective means of disciplining our economy. this is why we have launched a comprehensive disinflation program aimed at reaching single - digit inflation and eliminating macroeconomic imbalances by the end of 2002. winning for turkey the possibility of membership in the eu and emu is one of the main goals of our program. the ideal of independent central banks is a core issue for the countries of the european union. we are currently in the process of examining our banking law to determine what must be done to bring it up to the standards promulgated by the european system of central banks. new modifications are planned to make price stability the principal goal of monetary policy. debt monetization will no longer be allowed. the new law will also grant more independence to the central bank. before ending these remarks, i want to point out that introducing a single currency and reaping the full benefits of doing so is a long - term endeavor. for the time being, turkish monetary policy is directed towards a single transparent objective, that of price stability. price stability will serve as a link between the initial expectations about the euro area and the potential economic benefits of a single currency system. the reforms and changes executed up to now will provide a base for ambitious future policies that will broaden the area of integration and encourage the faith of economic agents that the area offers additional benefits such as greater price transparency, improved efficiency, growing investments and economic activity, and a more competitive environment. and no doubt the world economy

. for more information about the fomc, see www. federalreserve. gov / monetarypolicy / fomc. htm. bis central bankers ’ speeches lessons learned this brings me to my final task – to offer some career advice to those of you just preparing to enter the business world. as someone who has spent more years than i care to count in that world, let me begin where i began. i needed a job just as many of you will soon. in searching for that first job or even some of the ones that come later, don ’ t be afraid to take one at an entry level, as i did when i started as a teller, or one that seems quite daunting, regardless of your qualifications, as i faced when i joined the federal reserve. look for a career that you enjoy and one that is well suited to your temperament and your talents. remember that what you think you want most in life might not be the thing that makes you truly happy. i could have been miserable as a mediocre actress. instead, i happened upon a deeply rewarding profession that i loved. indeed, i have found that life usually works out for the best – if you let it. whether you have found your perfect career or just a job to pay the bills, make the most of every assignment. i told you earlier about my banking mentor, burt harrison. he was always loading me up with projects. one day, while i was struggling to dig my way out from under a mountain of work, burt came to me with yet another assignment. i looked up from the task at hand and said, “ you bring me work like you ’ re bringing me presents. ” burt huffed and returned to his office. he returned a short time later and said, “ i do think they are presents. ” and he was right. those projects taught me more than any class could have. finally, if, as i suggest, you are going to take advantage of all the opportunities that come your way, i would like to stress the importance of lifelong learning to develop the skills that will be needed to tackle new challenges. you might very well find yourself pursuing a direction different than the one you trained for in business school. but the lessons you learn here will still be important. you will need to apply the concepts you know to situations that are different than those you expected to find. and you may need to learn new concepts. your ability to think critically and