What is Kemal Dervis

The Great Financial Crisis (GFC) has hit developed and developing countries through a number of transmission channel. Some impacts are already disappearing while others are still to strike. In MENA region developing countries to experience the crisis were those with the most globally integrated financial sectors. Next came the impact on trade, as volumes and prices of commodities and manufactures collapsed across the globe. Successful economic policies pursued in the past do not promise these countries' immunity from the crisis. In fact, some MENA countries have already shown a limited capacity to learn from other countries' previous financial crises. Post-crisis spillovers and heightened capital flows have triggered a search for alternative monetary policy frameworks, especially for Turkey and Israel in MENA economies. This paper analyzes the review of the region's monetary regimes and policies, including: monetary policy expansion of the monetary policy framework in promoting financial stability alongside the primary price stability objective.