serve as a nominal anchor in the short term. inflation targeting regime is one of the monetary policy regimes and all regimes have their own rules and frameworks. our main policy document published in december 2005 describes the framework of our inflation - targeting regime. 24th paragraph of that document states that : “ a pre - announced inflation target shall only be changed in the event that very sharp and long - term deviations from the target are expected or medium - term targets no longer make sense due to factors beyond the control of monetary policy. at this point, a new target will be set with the government with respect to the law. ” the paragraph that i have just read completely defines the recent conditions and explains why we revised the inflation targets for 2009 and 2010. under these conditions, a revision in inflation targets has become a technical necessity. therefore, the central bank of turkey proposed the government to revise the targets for 2009 and 2010 to 7. 5 and 6. 5 percent, respectively ; and to set the target for 2011 at 5. 5 percent, and the government accepted our proposal. i would like to re - emphasize that, we will not treat the revised targets symmetrically. monetary policy will aim to keep inflation below the revised target path. dear guests, we stick to our price stability objective. at the same time, we are aware of challenges we have to face. first of all, the rapid rise in food prices may be more permanent than expected due to rapid economic growth, slowdown in agricultural productivity and employment shift from agriculture to industries. considering the fact that food has a higher share in the consumption basket of developing economies, including turkey, this would lead to a decoupling in inflation rates between industrialized world and developing countries for years to come. similarly, commodity prices may remain elevated for the foreseeable future, which may prove to be a challenge for turkey in particular. note that turkey is a net commodity importer in contrast to many other developing countries. last, but not least, price stability necessitates stability in financial markets. we need to put our house in order to attract foreign capital with long - term horizon, rather than highly mobile short - term capital. i believe structural reforms together with macroeconomic stability, fiscal discipline and prudent monetary policies will create the necessary economic environment to achieve and maintain sustainable growth rates and price stability in the future. thank you.

mario draghi : address to mark the launch of the new €50 banknote speech by mr mario draghi, president of the european central bank, at the ecb and its watchers xviii conference, frankfurt am main, 6 april 2017. * * * it is my pleasure to be here this afternoon to launch the new €50 banknote. this is the culmination of a huge amount of research and dedication from my colleagues in the ecb and the eurosystem, and i applaud them for producing another first - rate product. although banknotes may not receive as much attention as other aspects of our monetary policy, they are a fundamental part of what we do. and in some ways their role is even more important in the euro area than in other parts of the world. though electronic payments are becoming more popular, cash is still our most important means of payment. a soon - to - be - published survey on cash use, carried out on behalf of the ecb, shows that over three - quarters of all payments at points - of - sale in the euro area are made in cash. in terms of transaction values, that ’ s slightly more than half. so even in this digital age, cash remains essential in our economy. and this is particularly the case for the €50 note, which is our most important denomination. there are more than 9 billion of them in circulation, accounting for 46 % of all euro banknotes. that ’ s more than the total number of banknotes issued at the time of the euro cash introduction in 2002. so it ’ s clear that, for the economy to function, people must be able to have trust in cash – it has to be robust, easy to check and readily available. and perhaps most importantly, it has to be secure : we need to stay ahead of counterfeiters, who might undermine the public ’ s trust in money. this is why we always put innovation at the heart of our banknote development and strive to use the latest and most efficient banknote technology. the new €50 note, for example, incorporates all the improved security features of the new €20 note, making it even more resistant to counterfeiting than the first series. it is also more userfriendly for visually impaired people, thanks to bolder large letters and numbers on the front and tactile marks near the edges. and in order to ensure that the public is familiar with the new note, the eurosystem