Regulatory regime change in Turkish banks: Reactive or proactive?

► Turkish banks were ahead of their counterparts in their capital adequacy and translating external pressures for regulatory change into effective internal financial reforms, through democratic institutions and processes. ► The result is the emergence of a confident Turkish state, procative in its ability to respond flexibly to external pressuress at its own pace, rather than one that reacts hastily to an increasingly demanding and feeble global system.