We acted quickly by providing ample monetary stimulus to mitigate tightening liquidity conditions, boost business and consumer confidence, and ensure the continued orderly functioning of the financial system. The BSP was among the first central banks in the world to respond to the crisis before it became full-blown.
The reform process in Turkey is of a different kind, but in scope it is comparable to the transformation of the east European countries. Personally, I have the hope that the mere prospect of Turkey’s joining the EU will contribute to a peaceful political stabilisation of the Middle East. The awful terrorist attacks have shown that this is urgently needed. 4.