One can summarise this by saying that we need to better understand, clarify and explain the effects of new monetary policy tools. We are far from alone when it comes to this challenge. The Bank of England recently had to relate to an investigation that emphasised that these elements needed to be developed with regard to QE programmes. 31 We are working continuously on developing our analyses and communication of monetary policy. As I mentioned earlier, I think that the proposal for a new Sveriges Riksbank Act is good in several aspects. This includes the extended scope for the political system to examine our activities. Information, scrutiny and evaluation are central conditions for our strong independence. The world has changed a lot since 1668, but the Riksbank’s monetary policy task has remained a common denominator over the years. If we are to supply a monetary policy with price stability as objective, we need to accept that the conditions change over time and that the tools need to be updated when these changes occur. Independence is a large measure of confidence to hold in trust. Continued freedom with responsibility will enable the Riksbank to contribute to good economic developments going forward. Thank you for listening! 30  See, for instance, Melander (2021) and Di Casola (2021). 31 See Bank of England (2021). 12 [20]  References Alesina, A. and L.H. Summers (1993), “Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking.
Durmuş Yilmaz: Economic governance – the Turkish case Opening remarks by Mr Durmuş Yilmaz, Governor of the Central Bank of the Republic of Turkey, at the Conference on Current Issues in Economic Governance, Ankara, 3 April 2007. *  *  *  Ministers, academicians, bureaucrats, guests, It is an honour for me to address a distinguished audience on such an important issue. The conference will do much service by bringing forward the issue of “economic governance”, which we as the Central Bank have emphasized at numerous occasions. Let me thank Bilkent University for creating such a productive environment. Today, I would like to devote some time to highlighting the importance of principles of good governance in general and economic governance in particular. In the context of economic governance, I would also like to mention some issues on how to create good institutions. Then, I will proceed with the Turkish case and the Central Bank of Turkey. But first of all, I will start by outlining the basic definitions of the concepts I am going to use. Although the concept of governance is not new at all, in recent years it has started to be widely used in economics, especially in the development literature. While governance, or rather good governance, has been introduced as an effective tool to harness globalisation, it is not easy to define in one sentence because of its many interacting elements.