Turkish minister concerned over US, Europe's excessive money printing

The Turkish economy minister said on Tuesday that the U.S. and European central banks' printing excessive amount of money raised concerns.

Turkish minister concerned over US, Europe's excessive money printing

The Turkish economy minister said on Tuesday that the U.S. and European central banks' printing excessive amount of money raised concerns.

Speaking at a parliamentary session on budget, Turkish State Minister & Deputy Premier Ali Babacan said global economy was going through a critical period nowadays, adding public deficits and debt stocks of developed countries were alarming.

"Especially the liquidity measures taken by the U.S. and European central banks, in other words their money printing operations, have raised world's basic currencies' concerns over price stability," Babacan said.

The minister noted that Turkey's consumers and businessmen had the highest confidence about future.

"Our growth figures for both the present and upcoming year show that Turkey will be the fastest growing economy in the world. This growth will also create employment opportunities," he said.

Pointing to U.S. and European central banks' printing excessive amount of money, Babacan said that Turkey, with all its institutions, should be well-prepared for the consequences of such development.

Babacan said all relevant institutions of Turkey worked on the issue at the moment and they took measures when necessary.

The deputy premier noted that it was not possible to protect Turkish economy 100 percent in such a tough period, adding Turkish economy would more or less be affected by external developments.

"However, the important thing is to be able to keep such influence at minimum and protect the economy against negative effects as much as possible. We have managed it so far," Babacan said.


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Last Mod: 15 Aralık 2010, 12:09
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