Central bank authority key issue at Istanbul symposium

Top economists discussed the future of central banks under the theme of "reassessing central banking" during the first day of the Global Economic Symposium in Istanbul on Monday. The symposium will conclude today, as hundreds of leading decision-makers from the worlds of politics, business, finance and academia debate the global economy's key problems. At a key meeting during the first day, participants debated whether more power should be given to central banks in the aftermath of the global economic crisis. Among participants at the symposium were Stanford University's Edward Lazear, Christian Merki of the Kiel Institute for the World Economy, Akbank Chairwoman Suzan Sabanci Dincer, Jurgen Stark of the European Central Bank, and Turkish Central Bank Governor Durmus Yilmaz. In his opening remarks, President Abdullah Gul said Turkey could attain sustainable growth "only with its trade partners in Europe" and the world. Despite high growth figures, Gul was cautious on the future, saying, "Those who drive the economy should still keep their belts on tight." A key meeting was conducted on the first day in accordance with Chatham House rules. According to these rules, journalists are free to report on the information at a given event, but they cannot reveal the identity or affiliation of the attendee.