sources of policy uncertainty. likewise, china has its own acute policy uncertainty problem as mentioned above. reasons behind heightened policy uncertainty are policy paralyses and unconventional policies such as monetary quantitative easing policy and negative nominal policy rates following financial crises. elevated policy uncertainty holds back investment and growth6 and causes heightened market volatility. over the recent globalization period the world has become an increasingly interconnected place. global trade has increased, broadened and deepened drastically because of trade liberalization, unprecedented capital flows and the international fragmentation of production in global value chains. emes have contributed to this development significantly as they have become increasingly more connected to the global production, monetary and financial systems. the unprecedented capital flows have also made global financial markets more interconnected than at any time in history. advances in communication technology have further heightened and extended the interconnectedness of global financial markets. the increased interconnectedness together with sharply risen external liabilities has reinforced the proposition of the impossible trinity ( also known as the trilemma ) on monetary policy dependence as monetary conditions have become more correlated than before. resilience of emerging market economies to global financial conditions in the 1980s and 1990s emes experienced financial crises following a sudden reversal of capital flows. in fact, during this period there were two waves of financial crisis in the eme world. the first wave was associated with currency crises as significantly strengthened us cecchetti, s, m mohanty and f zampolli ( 2011 ), “ achieving growth amid fiscal imbalances : the real effects of debt ”, in achieving maximum long - run growth, a symposium sponsored by the federal reserve bank of kansas city, jackson hole, wyoming. lo, s. and k. rogoff ( 2015 ), secular stagnation, debt overhang and other rationales for sluggish growth, six years on, bis working papers no 482. koo, r. ( 2009 ), the holy grail of macroeconomics : lessons from japan s great recession, revised edition, john wiley & sons. baker, bloom and davis ( 2013 ), “ measuring economic policy uncertainty ”, chicago booth research paper, no 13 – 02, may. bis central bankers ’ speeches dollar led to massive adjustments in the fixed eme exchange rates. this followed sovereign debt crises in many emerging markets, i. e., mexico, brazil and argentina. the second wave was triggered by sudden stop of capital inflows. the em banks having intermediated these

by the g - 20 to enhance the exchange of information and cooperation regarding financial access. having said these, i believe that the cbt study entitled “ access to financial services and financial education in turkey and around the world ” will become an important reference regarding this issue. the booklet is now accessible on the cbt website as well as in the conference cd and is will be in print soon. in the last part of my speech, i would like to mention some specific points regarding financial education within the framework of this conference. in the first session, we will discuss the relationship between financial education and financial stability and contribution of financial education to the functioning of the financial system. then we will move on to the impact of the recent global financial crisis on the rising issue of financial education and financial awareness. taking into account the importance of benefiting from other countries ’ experiences while formulating national financial education strategies and programs, in the second session we will focus on financial education practices around the world. i believe that this session will yield very useful inferences. in the third session, we will listen to experiences of those countries that have made significant progress in designing their national financial education strategies and we will learn their methods, challenges and suggestions for solutions as well as the outcomes they obtained. on the second day of the conference, we will elaborate the current efforts on financial education in turkey and the roles and responsibilities of all relevant stakeholders. at this point, the cooperation between institutions will play an instrumental role in designing national strategies. the implementation of education programs is as important as designing financial education strategies and this issue will be thoroughly discussed in the sixth and last session of the conference. as the central bank of turkey, we strongly believe that the significance of financial education is far beyond its conceptual meaning and we attach great importance to collaborating with national and international institutions in this area. we believe that this conference with the valuable contribution of the capital markets board will be a milestone. i wish the conference every success and thank everyone who has made a contribution. bis central bankers ’ speeches