Turkey is also one of the main players in emerging financial markets. For instance, its international debt is among the most liquid, accounting for as much as 10% of the emerging bond market.
They supply the Bank with an effective mechanism for assessing and dealing with demand pressures in the economy in a way that reduces fluctuations in output. Here's how this ‘stabilizer' feature of the targets works—bearing in mind that monetary policy actions take anywhere from one to two years to have their full effects on the economy and prices.