The world economy was able to enjoy a period of unusually high growth driven by economic expansion in these emerging economies. On the price front, their abundant labor force brought about a dramatic increase in the global supply of products along with an accompanying price decline. In addition, efforts by central banks to stabilize prices allowed the situation of low inflation to continue.
Deputy Governor Kenc and I have agreed to give added substance to the Memorandum by holding a joint expert-level seminar on financial stability issues in the course of next year here in your great city of Istanbul. Ladies and gentlemen, let me come back to the quote by Newton. Certainly, before European integration started, Europe was used to building walls. But walls separate.