erdem basci : turkish - austrian economic relations in a european and international context keynote speech by mr erdem basci, governor of the central bank of the republic of turkey, at the meeting of “ turkish - austrian economic relations in a european and international context ”, hosted by the central bank of the republic of austria, vienna, 18 march 2013. * * * distinguished participants, i would like to start by thanking ewald nowotny, the governor of oesterreichische nationalbank for hosting the meeting on the “ turkish - austrian economic relations in a european and international context ”. my colleagues from the central bank of the republic of turkey and myself are pleased and honored to take part in this important event. after this meeting, opening ceremony of the exhibition titled “ contemporary turkish painting and printmaking in the republican era ”, which is composed of some examples from our bank ’ s collection, will take place. it is my pleasure to invite you all to the opening ceremony which will take place this evening at 7 : 00pm. in my speech, first i will share a few observations about the increasing importance of emerging market economies ( emes ) in the global system. then, i will talk about financial stability in emes in general and turkey in particular. finally, i will conclude with the developments regarding the economic relations between austria and turkey. distinguished guests, the share and significance of emes in the global economy has been on the rise. the share of eme exports in world total exports increased from 13 % in 2000 to 23 % in 2010. likewise, exports from emes to emes increased from $ 0. 8 trillion to $ 3. 5 trillion during the same period. the increase in the volume of trade among emes has, to some extent, reduced the adverse effects of the weak course of external demand from advanced economies. thereby, production and employment levels in emes have achieved a rapid pace of recovery after the 2008 global crisis. in line with the increased importance of these economies, we also witness significant changes in decision - making mechanisms worldwide. a wide range of important decisions on issues ranging from food and energy security to strengthening the global financial system are made at the group of twenty ( g20 ). in line with the recent increase in their role in the g - 20, the voice and representation of emes among international institutions such as the imf, the world bank, the basel committee and the financial stability board is increasing as well. distinguished guests,

jean - claude trichet : today ’ s financial institutions and tomorrow ’ s monetary order keynote speech by mr jean - claude trichet, president of the european central bank, at the 19th frankfurt european banking congress : “ after the crisis ”, frankfurt am main, 20 november 2009. * * * ladies and gentlemen, it is always a pleasure to join you at the annual frankfurt european banking congress. i noted that the organisers have chosen as title : “ after the crisis ”. i understand that the mood in the financial system is one of relief. but as of today, it is too early to declare the crisis over. recent financial developments have been more benign, it is true. however a significant volume of official support underlies these developments. nobody knows this better than financial institutions and markets themselves. the total amount of outstanding ecb refinancing is around 60 % larger than it was before the financial market turmoil. this reflects also the need for the ecb to “ intermediate ” parts of the money market. euro area governments for their part have committed 26 % of gdp to supporting the financial sector. this assistance has come in the form of guarantees, capital injections and asset support. the magnitude of support is without precedent, and all participants in financial markets should be conscious of that. it has been extended on behalf of the general public, and for the benefit of the overall economy. banks are an important part of the economy. the support has been given for their role in the economy, not for the banks by themselves. we also have to understand the concern of our democracies as regards compensation and bonuses. principles have been agreed upon at the level of the international community. they were worked out by the financial stability board and approved by the g20. let us apply rigorously those principles, under the control of the banking supervisory authorities. the wrong incentives to embark in absurd risks and dangerous short - term ventures have to be eliminated. challenges to guard against excesses are as old as mankind. i quote frankfurt ’ s most famous son : “ die hauptsache ist, daß man lerne, sich selbst zu beherrschen. wollte ich mich ungehindert gehen lassen, so lage es wohl in mir, mich selbst und meine umgebung zugrunde zu richten. ” one could translate this as follows. “ the most important issue is to learn self - restraint