andreas dombret : the euro, the banks, and the crisis – reshaping the world of finance speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the american academy, berlin, 10 march 2014. * * * introduction ladies and gentlemen thank you for inviting me to speak at the american academy in berlin. as you may know, i was born in the united states and still carry a us passport in addition to my german one. and this is why i very much appreciate the work of the academy in fostering dialogue between the united states and germany, and why i wholeheartedly support gary smith and his team. in general, a dialogue based on trust and mutual understanding is essential in order to master challenges and solve problems. however, trust and mutual understanding do not always come naturally. what i am thinking of is the world of finance. over the past years, people around the world have lost trust in the financial system in general and in banks in particular. this lack of trust is not only reflected by rather sobering polling results ; it is also reflected by what people on the street are saying. just the other day i heard a short remark that was intended as a joke but, to my ears, certainly did not sound like one. it went like this : “ an honest criminal becomes a bank robber. a dishonest criminal becomes a bank manager. ” although i do not subscribe to the message, this remark does capture the general mood rather well. and this sentiment should not come as a surprise to us. we have lived through a succession of crises for almost seven years now. banks and the financial system have, unfortunately, been at the heart of each of these crises. against this backdrop, everyone agrees that we have to reshape the world of finance. regarding the banks, change has to come from within and from without. a change in culture is what must come from within, and from without must come a reform of regulation. but we also have to look beyond the banks. the first thing that comes to mind is the link between banks and the state. the crisis in the euro area has emphasised how closely the fates of banks and states are intertwined. to break this link, further reforms are important and they are necessary. finally, we have to acknowledge that the financial system comprises more than just banks. there are other players that can become a source of risks to financial stability, to the economy,

speech central bank of the republic of turkey prof. sahap kavcıoglu, governor cbrt 89th ordinary meeting of the general assembly 30 march 2021, ankara esteemed shareholders, distinguished guests on the occasion of this meeting, i would like to express my pleasure to be here with you today as the governor of the central bank. i believe that we will duly fulfill our responsibility with all my colleagues at the central bank in the period ahead, and i wish that the new period will be beneficial to our country, our nation and our bank. today, we are holding this meeting under safety measures due to the coronavirus pandemic going on for the past year, which has deeply affected both our daily lives and world economies. i salute all the stakeholders and audience attending our general assembly meeting either in this hall or in front of their screens. the pandemic that has been going on for over a year has caused, among other things, economic challenges and uncertainties all over the world. as you know, the measures that have been put in place to curb the spread of the pandemic since the first quarter of 2020 have adversely affected growth performance of economies all over the world. for this reason, countries have tried to mitigate the potential impact of the pandemic on their economies through expansionary monetary and fiscal policies. at this point we see an improvement in the global growth outlook and an increase in international commodity prices on the back of positive developments in the vaccination process, in addition to expansionary policies. however, despite the ongoing vaccination efforts, the ongoing uncertainties regarding the vaccination process and the course of the pandemic keep the risks to the global economy alive. distinguished guests, at my first general assembly meeting, let me briefly share with you some important issues regarding the monetary policy. under the duties and powers set forth by law and in line with its main objective of achieving a permanent fall in inflation, the central bank of the republic of turkey will continue to use the monetary policy tools effectively. we are strictly committed to the medium - term inflation target of 5 %, defined as price stability and set jointly with the government. we are going to use the monetary policy tools appropriately to achieve this target. i would like to underline that we are determined to bring inflation down to 5 % in 2023 and keep it there permanently, consistent with the medium - term framework we set out in the january inflation report. i am aware that the