So we do know, I promise you, about the job losses and plant closures particularly in manufacturing. Those on the receiving end won't thank me for saying this but some of those problems at the micro-economic level are an inevitable characteristic of every economy. Needs, tastes, technologies and productive techniques are constantly changing even in the most benign macro-economic environment, and the rise and fall of individual businesses or business sectors, as comparative advantage shifts - nationally and internationally - is a painful but necessary facet of economic  BIS Review 85/2001  1  progress. Obstructing such change cannot help in anything but the short term. The more constructive approach is to encourage the redeployment of resources to alternative activities where there is a prospect of comparative advantage. Happily that is the path - the path to greater supply-side flexibility - that is increasingly being followed by UK regional and national authorities. And it's the path being followed here in Wales by the National Assembly under First Minister Rhodri Morgan. It is the path that is being followed by the WDA and its subsidiary Finance Wales, as well as ELWa. If we know at the Bank about plant closures and job losses, we know, too, about NEDS (the Welsh National Economic Development Strategy) and we know about the new activity, creating new jobs, including, for example, Technium. I said a moment ago that some of the current micro-economic problems are inevitable - a normal and necessary facet of economic progress.
In short, given the current conjuncture, the avoidance of excessive borrowing both by the public and private sector; preference of longer maturities in all borrowings, opting to borrow in TL as much as possible and managing risks efficiently will considerably strengthen the resilience of Turkish economy against external shocks. The monetary policy adopted by the Central Bank is composed in a way to make price stability and financial stability complementary. In this context, I would like to evaluate how the CBRT will use policy tools in the upcoming period within the framework of possible scenarios provided in the inflation reports. As also demonstrated on the slide, the current conjuncture supports the CBRT’s stance of keeping policy rates constant for some time, and at low levels for a long period. On the other hand, developments in the aggregate demand composition necessitated that instruments other than the policy rate be brought to pre-crisis levels. In this respect, we have largely completed the exit strategy measures that we announced in April 2010. 2  BIS Review 174/2010  In the October Inflation Report, we stated that our baseline scenario was based on an outlook where domestic demand is stronger compared to the previous reporting period, external demand continues to restrain economic activity, and thus aggregate demand conditions continue to support disinflation, albeit to a lesser degree.