Employment rate and unemployment in Sweden and Europe (a) Employment rate  70  65  65  60  60  55  55  50  Euro area Sweden 05  07  09  11  13  15  (b) Unemployment  70 15  50  17  15  12  12  9  9  6  6  3 0  Nordic countries Germany Sweden 05  07  09  3  United Kingdom Euro area 11  13  15  0  17  Note. Per cent of population and labour force respectively, aged 15-74 years. Source: Eurostat  Figure 8. Unemployment in Sweden among those born in Sweden and those born abroad and unemployment among those born abroad in Sweden and Europe  20  (a) Unemployment in Sweden among Sweden born and those born abroad  (b) Unemployment among those born abroad in Sweden and in Europe  20 20  20  16  16 16  16  12  12 12  12  8  8  8  8  4  4  4  0  0  0  Swedish born Foreign born  05  07  09  11  13  15  17  Nordic countries Germany Sweden 05  07  09  4  United Kingdom Euro area 11  13  15  17  0  Note.
Erdem Başçi: Financial stability and Turkey’s achievements to date Welcome speech by Mr Erdem Başçi, Governor of the Central Bank of the Republic of Turkey, for the 17th International Conference of Banking Supervisors, Istanbul, 13 September 2012. *  *  *  Distinguished Deputy Prime Minister, Esteemed Guests and Distinguished Members of the Media, Welcome to Istanbul and to the 17th International Conference of Banking Supervisors jointly hosted by the Central Bank of the Republic of Turkey and the Banking Regulation and Supervision Agency of Turkey. In my speech, I will try to summarize the importance we attach to financial stability and the achievements we have made up to date. Dear Guests, There are three essential factors that determine the growth potential of a country; these are price stability, financial stability and productivity. Any weakness in any of these three factors may cause considerable damage to growth. The history of economics is teeming with examples of this. The social costs of loss of price stability are now very well known by economists. Academic studies indicate that an inflation rate that is on average higher by 10 percentage points leads to a reduction in the GDP growth rate an average of a quarter point.1 Meanwhile, the loss of financial stability has deep and long-term impacts on growth and employment.2 The cost of preventing a financial crisis is much lower than the cost of the crisis itself. Turkey’s recent history is a very good example of this statement.