TÜSİAD-Koç University Economic Research Forum (EAF) organized a conference on the Monetary Policy During Economic Crises

TÜSİAD-Koç University Economic Research Forum (EAF) organized a conference titled “An Overview of Monetary Policies during Crises” at the Istanbul Martı Hotel, on April 19th, 2013.

The opening speech of the conference, on the development and the prospects of the unconventional monetary policies, was delivered by Mr. Tayfun Bayazıt, Vice President of the Board of Directors of TÜSİAD.
 
In his address, Mr. Tayfun Bayazıt reminded that following the financial turmoil of 2007 which resulted in a global economic crisis reducing severely economic activity across the world, central banks and particularly that of the developed countries opted for unconventional policy choices instead of conventional monetary policies. Remarking that the extraordinary conditions still prevail across the world, Mr. Bayazıt stated that extraordinary measures and policies naturally follow the suit. He indicated that a number of developing countries including Turkey have benefited from the monetary expansion, and he underlined that this approach has been the only policy option in the economic stimulus programs of the developed countries because of the constraints on the financial policies and resulted in large quantitative expansion in the Euro zone and the USA which have the power of issuing reserve money, and consequently caused rapid modifications of the global liquidity conditions.

During the first half of the conference open to the press, Mr. Mark Lewis, IMF's Senior Representative in Turkey, Mr. Seth Carpenter, Senior Associate Director at the Board of Directors of Federal Reserve, and Mr. Hakan Kara Chief Economist of the Central Bank of the Republic of Turkey delivered their speeches. During the closed session, Mr. Francesco Drudi, Head of the Monetary Policy Stance Division of the European Central Bank and Mr. Jens Eisenschmidt, Economist at the European Central Bank made a presentation.