The process of globalization started in the 1980s, in the entire world financial system at a global level in order to ensure the soundness and stability of the international financial system and the setting of standards for the preparation of joint studies that will form the building blocks.
Turkey is closely monitoring these developments and the Turkish financial sector. Turkey, particularly since the mid-1980s, including bond and stock markets, financial institutions, to create the basic form rates began in the 1990s to a large extent the financial infrastructure has been trying to harmonize with international standards. However, during the 1990 years of short-term external source oriented fiscal and monetary policies that ensure the financial system has been done to a great extent. Stable macroeconomic environment of the banking sector after the 2001 crisis also engaged in efforts to fix the financial structure of the contribution. International the need for compliance with standards and best practices have emerged as the most important component of this effort.
International regulations and practices to adapt to the fore under the title of the elements, control and surveillance authorities to strengthen the capacities of autonomy and the work of these institutions, the completion of the institutionalization process, establish an understanding of risk-oriented supervision and risk management systems, introduction of internationally accepted standards, regulations of local financial institutions to international competition an unfair advantage / disadvantage pose to reduce intermediation costs in combating terrorist financing and criminal proceeds and the creation of an effective system.
Macroeconomic stability in our country in the last years of suffering until the financial system, macroeconomic instability of the priority problems were. However, after the crises of 2000 and 2001 as a result of the economic programs that support it obtained from the relative macroeconomic stability and EU perspective on the Turkish financial system contributed to the new issues on the agenda.
The financial services industry; deposit banks, development and investment banks, participation banks, capital markets, insurance, leasing, factoring and consumer financing, and private pension system that covers a large number of sector.
Ensuring macroeconomic stability and the positive effects of restructuring since 2002, began to have an effect. Implicit inflation targeting policy of free exchange and ensured financial stability in prices, the Central Bank's independence and focus on combating inflation, tight fiscal policy and the achievement of high primary surplus targets on a regular basis a positive effect on economic agents' expectations and macro balances. Increasing the impact of favorable conditions in the worldwide economic stability, a positive impact on the banking sector and the sector has been an important opportunity to improve the financial structure.
Moreover, the convergence of international standards, legislation regulating the sector, enabling the control and surveillance activities and the agreements with the International Monetary Fund, created to keep the original goals of this process and supported the integration of financial markets contributed to the development of the sector abroad.
The basic elements of the process of restructuring the banking sector following the 2001 crisis with the Treasury as the swap, recapitalization process, voluntary mergers, some banks seized by public authority and / or closure, and elimination of public banks' duty losses, known as the Istanbul Approach include the Financial Restructuring Program.
Turkey is closely monitoring these developments and the Turkish financial sector. Turkey, particularly since the mid-1980s, including bond and stock markets, financial institutions, to create the basic form rates began in the 1990s to a large extent the financial infrastructure has been trying to harmonize with international standards. However, during the 1990 years of short-term external source oriented fiscal and monetary policies that ensure the financial system has been done to a great extent. Stable macroeconomic environment of the banking sector after the 2001 crisis also engaged in efforts to fix the financial structure of the contribution. International the need for compliance with standards and best practices have emerged as the most important component of this effort.
International regulations and practices to adapt to the fore under the title of the elements, control and surveillance authorities to strengthen the capacities of autonomy and the work of these institutions, the completion of the institutionalization process, establish an understanding of risk-oriented supervision and risk management systems, introduction of internationally accepted standards, regulations of local financial institutions to international competition an unfair advantage / disadvantage pose to reduce intermediation costs in combating terrorist financing and criminal proceeds and the creation of an effective system.
Macroeconomic stability in our country in the last years of suffering until the financial system, macroeconomic instability of the priority problems were. However, after the crises of 2000 and 2001 as a result of the economic programs that support it obtained from the relative macroeconomic stability and EU perspective on the Turkish financial system contributed to the new issues on the agenda.
The financial services industry; deposit banks, development and investment banks, participation banks, capital markets, insurance, leasing, factoring and consumer financing, and private pension system that covers a large number of sector.
Ensuring macroeconomic stability and the positive effects of restructuring since 2002, began to have an effect. Implicit inflation targeting policy of free exchange and ensured financial stability in prices, the Central Bank's independence and focus on combating inflation, tight fiscal policy and the achievement of high primary surplus targets on a regular basis a positive effect on economic agents' expectations and macro balances. Increasing the impact of favorable conditions in the worldwide economic stability, a positive impact on the banking sector and the sector has been an important opportunity to improve the financial structure.
Moreover, the convergence of international standards, legislation regulating the sector, enabling the control and surveillance activities and the agreements with the International Monetary Fund, created to keep the original goals of this process and supported the integration of financial markets contributed to the development of the sector abroad.
The basic elements of the process of restructuring the banking sector following the 2001 crisis with the Treasury as the swap, recapitalization process, voluntary mergers, some banks seized by public authority and / or closure, and elimination of public banks' duty losses, known as the Istanbul Approach include the Financial Restructuring Program.
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