Switzerland according to common view  Switzerland has the reputation of being a special case - one which in some ways is slowly becoming a normal case. A good example of this is the development of the public spending ratio. Still quite low by international standards at the beginning of the eighties, it has now almost reached the EU average. As in most industrialised countries, the financing of the social security system has become a political hot potato also in my country. At the same time, the wealth gap between Switzerland and other OECD nations is shrinking; and there is no consensus as to how Switzerland might boost its economic growth. Political debates have intensified and politicians’ telegenic skills have become an issue there, too. However, certain aspects of Switzerland’s time-honoured image still prevail. Despite all the prophecies of doom, our democracy is under no threat; the Alps still shine in all their majestic glory; and the Swiss people - a fifth of whom are non-Swiss in origin - are just as hard-working, punctual and reliable as ever. The level of employment is in fact remarkably high: almost 80 percent of the population of working age are in employment. While it is true that the unemployment rate rose sharply at the beginning of the nineties, it is still less than half as high as the EU average.
Durmuş Yılmaz: Overview of the Turkish economy in the light of new global realities Speech by Mr Durmuş Yılmaz, Governor of the Central Bank of the Republic of Turkey, at the International Arab Banking Summit (IABS 2010), Istanbul, 18 June 2010. *  *  *  Esteemed governors and distinguished guests, At the outset, I want to express my gratitude to the Union of Arab Banks along with Turkish Banking Association, Banking Regulation and Supervision Agency and the World Union of Arab Bankers for their efforts in organizing this summit. As the Central Bank of Turkey, we are honored to be a part of this prestigious event congregating such an esteemed group of participants. In this keynote speech, first I want to discuss the post-crisis episode in a global context. Then I will continue with the extent to which the Turkish economy has been affected by the downturn in global economy. Finally, I will conclude with the opportunities and prospects in our region in the light of the new global realities. Dear participants,  As we all observe from the latest data, signs of recovery have continued in the first half of 2010, albeit at variable speeds across countries and regions. Coordinated efforts of the global community have been so far successful in averting a downward spiral similar to the one experienced during the Great Depression. Although global economy is back on its feet, there are several risks involved in this recovery process and many challenges lie ahead.