this summer on a comprehensive action plan, with an ambitious roadmap to further incorporate climate change considerations into our policy framework and to more systematically reflect environmental sustainability considerations in our monetary policy. the roadmap foresees, among others, expanding analytical capacity in macroeconomic modelling, statistics and monetary policy with regard to climate change and assessing the impact, not only to banks and companies across the euro area, but also to our own balance sheet from exposure to climate risks. the ecb supports current eu initiatives to improve climate related data disclosures in order to enhance transparency and promote the market for green financial products. another milestone in this roadmap includes the further incorporation of climate change considerations in our monetary policy operations, with a view to promoting better climate disclosures and making our asset purchases, and therefore our balance sheet, greener. climate risks will be assessed when evaluating collateral eligibility and climate - related criteria will be adopted to guide our corporate asset purchases. the design of these measures should take into account that market imperfections related to climate change may pose potential biases in the efficient market allocation of resources. as bank supervisors, central banks also have a responsibility to enforce commercial banks to make the necessary provisions against risks from assets exposed to physical as well as transitional climatic hazards. in the context of the cop26, the bank of greece announced yesterday a pledge to contribute, within its field of responsibility, to the global efforts of central banks and supervisors towards greening the financial system and managing climate - related risks. the bank of greece is one of the first central banks to address climate - related issues. our journey started in 2009 when we established the interdisciplinary climate change impacts study committee, a committee of scientists that has since been involved in the study of the economic, social and environmental impact of climate change for greece. of major importance is our contribution in the design of the national strategy for the adaptation to climate change in 2015 and our participation in the life ip – adaptingr programme, alongside a consortium of key national actors, to boost the implementation of adaptation policy across the country, up to 2026. moreover, a few months ago, the bank of greece established the climate change and sustainability centre, with the additional mandate to coordinate climate - related actions across the bank and to incorporate sustainability considerations in our operations. 2 / 3 bis central bankers'speeches in closing, i would like to reinstate our aspiration, within the remit of our mandate and alongside central banks around the world, to act as a catalyst

shocks on the exchange rate and interest rates and therefore, on the economy, will be weaker and last for a shorter period of time, on condition that the policies and implementations of the program continue without any compromise, the dynamism and the self - feeding nature of the reform process is kept in mind, the related steps are taken decisively in time and macroeconomic foundations get stronger. it should not be forgotten that the macroeconomic foundations, current policies, structural reforms and long - term expectations have an impact on the long - term movements of the turkish lira. however, as the exchange rate is a variable that bears importance with respect to our economy and is a component of financial stability, the activity in the exchange rates is monitored closely by the central bank. it should be kept in mind that such movements in the exchange rate pose a risk as well as causing uncertainty. it is possible to protect us from the upward and downward fluctuations in exchange rates. the techniques for risk aversion should definitely be used. the izmir derivatives exchange provides an important opportunity in this respect. after focusing on the developments in inflation and our policies regarding interest rates and exchange rates, now i would like to talk about the growth of the turkish economy. as you all know, the turkish economy has been displaying a high growth performance for the last four years. since 2001, cumulative real growth has been 35. 1 percent, whereas the average annual growth has been 7. 8 percent. the point that stands out in the growth figures is that growth is led by the private sector and that the investment - originated base is growing. in the 2001 - 2005 period, investment expenditures of the private sector increased by 105 percent, while those of the public sector increased by 15. 5 percent. on the consumption side, expenditures of the private sector increased by 30. 3 percent in the same period, whereas those of the public sector increased by 5. 9 percent. these developments indicate that the ongoing strong investment trend enhanced the growth potential and that the dynamics and actors of growth changed parallel to turkey ’ s structural change process. growing with public resources is no longer the case. in this respect, it is clear today that the public sector assumes and should assume, a strong supervisory and regulatory role in the framework of good governance principles. this is emphasized evidently in the ninth development plan strategy, which comprises the period between 2007 and 2013. the seven - year development strategy draws the framework of a plan that “ focuses on planning a strategy and adopting a