4/11/2008

Economy Minister Simsek ensures stability will continue in middle term

Today’s Zaman - Economy Minister Mehmet Simsek has said Turkey fulfilled one of the Maastricht criteria, also known as convergence criteria, regarding the government deficit in the last three years, noting that if economic stability could be maintained the country would fulfill the remaining criteria in the medium term. Simsek was giving a speech at the First Insurance Summit organized by Active Academy in which he said many reforms have to be implemented, noting that social security reform is at the top of the list. He stated that he cannot conceive of the social security system being in a deficit. He said the strengthening and developing of the financial system is a very difficult process if macroeconomic stability is lacking, emphasizing that the fiscal discipline in Turkey in recent years had contributed a great deal to the country's macroeconomic stability.