Babacan says Euro region needs fiscal order as Turkey's

Babacan said that the Euro region needed a fiscal order similar to Turkey's.

Babacan says Euro region needs fiscal order as Turkey's

Turkish State Minister & Deputy Premier Ali Babacan said on Wednesday that the Euro region needed a fiscal order similar to Turkey's.

In an interview with A.A, Babacan said he saw during his talks with the finance and economy ministers of EU countries that they were also in search of a fiscal order.

"The EU needs to implement a well-framed Fiscal Order which comprises of the necessary sanction and control mechanism," Babacan said.

The Turkish minister said that monetary unity was important for the union, however its monetary policies should definitely be supported by fiscal policies.

Noting that the most important difference between Turkey and EU countries was Turkey's taking its debt stock under control, Babacan said European countries had very recently started to use the recovery strategies implemented by Turkey last September.

Babacan also said that the crisis in EU's economy would create new opportunities for Turkey.

He said, due to the shrinkage in the European market, the Small & Medium-size Enterprises (SMEs) in Europe would come to Turkey for investments thanks to the increase in Turkey's economic growth and improvement in its economic predictability.

Pointing to the numerous SMEs in Germany and Italy in particular, Babacan said Turkey would provide an excellent investment environment for such enterprises.

Minister Babacan also said that Turkey would continue its structural reform process with the new-generation reforms it would implement in the upcoming period.

Describing these reforms as "improvement of business and investment environment, Code of Obligations, Commercial Law, refined reforms in the banking sector, structuring of revenue administration, taxes and informality", Babacan said he believed the most important structural reform that had to be implemented by Turkey was the judiciary reform.


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Last Mod: 19 Mayıs 2010, 13:48
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