The CBT will continue to take the necessary measures to contain the adverse effects of global financial turmoil on the domestic economy, provided that they do not conflict with the price stability objective. Prudent monetary policy is necessary but not sufficient to maintain the resilience of the economy in the face of the global crisis. Therefore, strengthening the commitment to fiscal discipline and the structural reform agenda is also critical to facilitate expectations management and to support the effectiveness of monetary policy decisions. In this respect, the commitment to the European Union accession process, and timely implementation of the structural reforms envisaged in the PreAccession Economic Program remain to be of the utmost importance. I would like to state that, with respect to macroeconomic stability and price stability, we closely monitor developments regarding structural reforms intended to enhance the quality of fiscal discipline and to ensure sustainability of productivity gains. Thank you very much for your attention. BIS Review 67/2009  19
We have Professor Dani Rodrik of Harvard University as our keynote speaker on the topic of “The Disappointments of Financial Globalization”, followed by five leading international researchers, namely Dr. Claes Berg, Sveriges Riksbank; Professor Raghuram Rajan, University of Chicago; Professor Jose Antonio Ocampo, Columbia University; Dr. Arvind Subramanian, the Peterson Institute for International Economics; and Dr. Robert McCauley, Bank for International Settlements who will be presenting their in-depth studies over the next two days on broad range of issues, a part of which I have barely begun to touch upon. This symposium will also be rounded up by a panel discussion on “Financial Globalization in Emerging Market Economies” which should provide an interesting discussion on the implication of financial globalization and the current financial crisis from an emerging market perspective. Ladies and Gentlemen, I would like to conclude by saying that the recent developments in financial markets around the world will stimulate considerable review and analysis in the months and years to come. Across the globe, legislatures, regulators, financial supervisors are already hard at work trying to distill the lessons to be drawn from this experience and their implications for future policies. For the private sector, banks, credit-rating agencies, and the investment community are also trying their best in coping and adapting to these developments. For central banks, the implementation of monetary policy will certainly become a more challenging task as a result of the current financial turmoil.