they were created ”. is the global governance we are dealing with today still relevant? clearly it is not. we need to craft a global framework of economic and financial relations that is inclusive and not only serves the needs of a few large economies. the g - 7 has for long been acting as the steering committee for global economic governance, the g - 7 is an exclusive economic club for rich countries and has outlived its usefulness, since some members in the club are no longer part of the richest members in the global economic environment and their influence will decline even further in the years to come. countries like china, india, brazil and russia are playing an increasingly important role as the engines of growth in the global economy, and none of them are members of the g - 7. i am sure that the g - 20 will become more relevant in the period ahead, since the g - 20 is small enough to allow for meaningful discussions, yet its global influence is broad enough to incorporate all the major players. as a collective the g - 20 contributes almost 90 per cent of global gross domestic product and trade. the g - 20 as a forum has also already proven its ability to contribute to the global dialogue and providing imputes for new global economic governance. the global crisis of today provides us with a new opportunity to act comprehensively and collectively for the long term – rather than selectively and separately for the short run. we need the necessary resolve to work increasingly in a cooperative fashion with institutions such as the imf, the bis and the fsf and the g - 20 to come up with action plans which should be implemented urgently and comprehensively. we need new global governance structures that are inclusive for all the stakeholders. thank you very much.

in the us and the european systemic risk board ( esrb ) in europe as well as new regulations introduced in other countries aim to mitigate systemic risk by means of macroprudential measures. in barro, robert j. ( 1995 ). “ inflation and economic growth. ” nber working paper series, no : 5326. reinhart, c. m. and rogoff, k. s. ( 2008 ). “ this time is different : a panoramic view of eight centuries of financial crises, ” nber working papers, no. 13882 ; taylor, a. ( 2012 ). “ the great leveraging, ” nber working papers, no. 18290. bis central bankers ’ speeches this context, turkey established the financial stability committee in 2011. along with the central bank, the committee is composed of the banking regulation and supervision agency, the capital markets board of turkey, the savings deposit insurance fund and the undersecretariat of treasury. distinguished guests, now i would like to briefly mention turkey ’ s contributions to global financial stability. turkey became a member of the financial stability board ( fsb ) in 2009. in 2014, turkey will participate in g20 troika and assume presidency of the g20 in 2015. during the period from 2014 to 2016, when turkey will be taking part in g20 troika, our representative from the undersecretariat of treasury will be assigned to the fsb steering committee. turkey became a member of the basel committee on banking supervision ( bcbs ) and the group of governors and heads of supervision ( ghos ) in 2009. the central bank of the republic of turkey will participate in the fsb steering committee during the period 2013 – 2015 when it will be chairing fsb regional consultative group for the middle east and north africa ( mena ). the new constituency group, formed upon an agreement signed within the international monetary fund ( imf ) governance reform framework, includes austria, hungary, the czech republic, slovakia, slovenia, belarus and kosovo along with turkey. according to this agreement, during the periods of 2014 – 2016 and 2018 – 2020, turkey will assume the executive director position on behalf of the group for two - year terms. at the latest g - 20 meeting held in los cabos, a number of emerging market countries including turkey declared their intention to contribute to global financial stability by increasing the resources of the imf. the central bank of the republic