BIS central bankers’ speeches  5  aftereffects are highly likely to amplify volatility, as the special conditions of EMEs could create contagion effects in the international financial markets in the process of interest rate normalization.11 Although understanding the external environment requires experience, and is not easy, it is essential to remain vigilant while equipping ourselves with international viewpoints, in consideration of our economic situation in which we are vulnerable to external shocks.12 It is safe to say that the time is over when we need to tiptoe on thin ice; we should not forget that knowledge and wisdom are continuously needed to keep balance while we walk on the border line.
II. Changes in monetary policy in line with the greater role of central banks since the global financial crisis, bright and dark sides of communication policy, and balance between price and financial stability  There is no area that has experienced greater change in the process of our overcoming the financial crisis than monetary policy.