Also, in the case of Turkey, monetary reform was launched, not as part of the stability program, but after having monitored the results of the program and achieved macroeconomic stability to a large extent. At this point, I would like to point out that the realization of monetary reform up to now has been mainly in tune with our forecasts and has followed a favorable course. As of 8 April 2005, the amount of YTL banknotes in the total amount of banknotes made up 73.5 percent. Within this framework, it has come to our attention that some foreign financial enterprises have recently begun to issue bonds denominated in the New Turkish Lira. Another positive impact of monetary reform which also strengthens the macroeconomic stability process is that the securities issued in international markets in New Turkish Lira can now be cleared. Due to the inability of the technical facilities of foreign financial enterprises to keep records of a currency unit with all those zeros, issues denominated in Turkish lira could not be cleared in the international systems of safe custody such as Euroclear or Clearstream before the transition to the New Turkish Lira. This obstacle has been removed with the dropping of six zeros from the Turkish lira and the introduction of the New Turkish Lira. After all, monetary reform is one of the most prominent indicators of the permanence of macroeconomic stability and of the fact that price stability will be attained within this context.
See, for example, the estimate of the impact published in Box 6 of Economic Bulletin 4/2018 entitled “Recent pension system measures: analysis of impact on public finances”. Alternatively, the AIReF has recently published an estimate that quantifies the impact of this measure as an increase in spending of 2.3 pp of GDP in 2050. 11  33  of the sustainability factor has the capacity to reduce pension spending by 0.9 pp of GDP in 2050.12 Addressing these population ageing pressures will therefore require increasing the system’s resources or alternatively reducing the rate of benefit or further increasing the effective retirement age. The specific decisions in relation to this necessary revision of the system need to be taken in the political sphere, so that the various societal preferences regarding pension levels and the resources necessary to finance them are weighted appropriately. An important objective, in this respect, is that the reform eventually implemented should involve an increase in transparency as regards the public pension system benefit levels that agents can anticipate. This would allow citizens to take decisions regarding work, savings and the time of retirement on the basis of a set of information that is as complete as possible. Likewise, whether or not the reform strategy eventually decided upon involves a moderation in spending or an increase in revenues, the redistributive consequences within each generation and across generations need to be taken into consideration. These consequences, especially the latter ones, are particularly important in every pension system.