11.02.2015 İstanbul
Speaking at the Turkey opening meeting of the T20 (Think 20), TOBB President Hisarcıklıoğlu stated that as the business world, they want faster growth and lower credit interest rates.
Attending the Turkey opening meeting of the T20 (Think 20) as a part of
Turkey’s G20 Term Presidency were TOBB President M. Rifat Hisarcıklıoğlu, Prime
Minister Deputy Ali Babacan and İstanbul Chamber of Commerce (İTO) Chairman
İbrahim Çağlar at the İstanbul Chamber of Commerce Meeting Hall.
TOBB President Hisarcıklıoğlu stated that a new perspective on the
global governance model is necessary, pointing out the importance of the G20
process to this end.
Stating that G20 is a mechanism which came into being when 8 countries
failed to govern the world, Hisarcıklıoğlu stated that he views G20 as an
attempt to acclimate to the new world and that they support this step in the
right direction.
Hisarcıklıoğlu stated that financial markets are presently in an
intricate state and mistakes in the decisions made can open the gates to great
calamity.
Despite all of these problems, the global economy is in a better state
than it was previously said Hisarcıklıoğlu and went on to point out that this
was only the beginning of the road.
- We want lower credit interest
rates
Emphasizing the need to implement a strategy to decrease loans on a
global scale in the medium term, Hisarcıklıoğlu said, “However, we businessmen
will face much graver issues in the short term. The global economy is transitioning
to a new monetary policy.” Pointing to the policies implemented by Fed and
various European central banks, Hisarcıklıoğlu said, “This is a very
extraordinary situation for us.”
Hisarcıklıoğlu also spoke in regards to the other effects of these new
policies such as the drop in petroleum prices, the question of how to raise
interest rates in the US, lowering interest rates in Turkey in order to achieve
desired growth rate as well as preserving the economy from fluctuations in the
global economy.”
- Global coordination mechanisms
needed
M. Rifat Hisarcıklıoğlu pointed out that all of these clearly reveal how
widespread these uncertainties in the global economy are.
Stating that the solution to these problems require global coordination
mechanisms, Hisarcıklıoğlu said, “G20 is first among these. We must find ways
to best utilize the G20 while at the same time discovering ways to activate
other international coordination mechanisms.”
- TEPAV, one of the most
prominent organizations of the world
The Term President of the T20, TEPAV surfaced in just such a time,
reported Hisarcıklıoğlu and went on to state that after deliberation and
research they’ve come to the conclusion that a specialized think tank in
designing economic policy is of the utmost importance.
Hisarcıklıoğlu expressed his hope that discussion on new international
governance mechanisms would present new avenues of approach in the future.