*  *  *  It is both a pleasure and an honor for me to participate in this conference of the Central Bank of Turkey. In the first place, it is a pleasure to be at a conference of the Central Bank at a time when it is evident that monetary policy in Turkey is succeeding in gradually bringing inflation under control.
Inflation is now around the single digit range, and given the experience in other countries – including Israel – that struggled to subdue inflation, it is reasonable to expect that with a sustained and consistent monetary policy, and the continuation of the supportive fiscal policy, Turkey will join other inflation targeting countries in achieving low single digit inflation.