Employment differs according to the responses of a country’s labor market, the financial structure of its firms and its institutional structure in the changing economic conditions. This diversity causes different rates of natural unemployment in countries with the same potential growth rates. Sustainable employment requires sustainable growth along with the adaptation of an institutional structure and labor market to match international standards of competition. In Turkey, there has been an increase in the labor flow from the agriculture sector to the industrial and services sectors. Hence, the solution to the employment problem is becoming more complex considering the amount of growth in Turkey, which leads to a failure to create employment in the medium term. Migration from village to city raises the unemployed and unskilled labor supply in the industrial and services sectors. Meanwhile, the current production processes in our country are insufficient to switch to high value added products, which can compete in the international market. The high rate of unemployed skilled labor in Turkey underlines the need for a production process, which focuses on high value added products. In line with this aim, strategic plans should be made in order to mobilize investor potential, carry out labor planning and conduct labor education in chosen sectors within the framework of an encouragement model. Feasible finance and marketing techniques should be adopted in order to achieve effectiveness in these strategic plans and encouragement mechanisms.
Speech  Embargo 29 March 2022, 6.30 pm  Macroprudential policy beyond the pandemic: Taking stock and looking ahead International Center for Monetary and Banking Studies  Fritz Zurbrügg Vice Chairman of the Governing Board* Swiss National Bank Geneva, 29 March 2022  ∗  The speaker would like to thank Angela Abbate for her support in preparing this speech. He also thanks Toni Beutler, Robert Bichsel, Maja Ganarin, Jacqueline Thomet and Martin Straub, as well as the SNB Language Services. Dear Professor Panizza, Ladies and Gentleman Thank you, Professor Panizza, for inviting me to participate in the public lecture series organised by the International Center for Monetary and Banking Studies (ICMB) in Geneva. It is a pleasure to be here again, particularly since this is the first lecture after a two-year pandemic-related break. While the effects of the pandemic appear to have subsided, we are currently experiencing another tragic development. I am deeply troubled by Russia’s war on Ukraine and want to express my heartfelt sympathy to the Ukrainian people. In my remarks this evening, I will be talking about macroprudential policy and rising challenges to financial stability, two topics that remain very relevant today. In recent months, policymakers in Switzerland and abroad have left the phase of accommodative macroprudential policy behind. Many jurisdictions have rolled back the easing of bank capital requirements that took place during the pandemic. Furthermore, several countries have actually taken steps to tighten macroprudential policy. What is behind this shift?