© Eser Köse

Effective immediately, Bernhard Vogel is the new Bundesbank representative in Turkey, having taken over the position at the German Consulate General in Istanbul from Hartmut Dräger.

Bundesbank Executive Board member Andreas Dombret and German Consul General Georg Birgelen marked the appointment of the new Bundesbank representative in mid-October with a formal reception in the presence of around 100 guests, including Turalay Kenç, the Deputy Governor of the Turkish central bank.

In his speech, Mr Dombret touched on the topic of opportunities and risks in emerging markets, a group of countries which includes Turkey. He explained the increased significance of emerging markets in a world economy that is becoming more and more interconnected and emphasised the importance of macroeconomic and market-oriented reforms in these countries.

Mr Dombret also recognised the work of Hartmut Dräger, who made a key contribution to setting up the newly created role of Bundesbank representative in Turkey in 2013, and who is now entering retirement.

The Representative Office in Istanbul is the newest of the Bundesbank's eleven representative offices abroad. The Bundesbank created the position in Turkey to take account of the growing significance of the G20 country.