SÜREYYA SERDENGEÇTİ TOLD GLOBAL CRISIS AND TURKEY
Serdengeçti stated that the main reason of the crisis was the resistance of the political will to reforms before crisis. He said, “The reforms that were not implemented on time due to concerns about votes were the initiators of the crisis. It is the same in the center of the crisis, America and Europe. Before, we were thinking that this is the case in developing countries like us. This crisis showed that resisting reforms brings out the same things everywhere. Like the indicators before the crisis, the behavior in the beginning of the crisis is the same too. For example, EU did not act together with its countries before crisis. Especially France and Germany acted differently. But in such crisis, as well as inside the country, coordination in unions like EU and G20 is very important. We are experienced due to 1994 and 2001 crises. Especially after 2001 crisis, the reforms are made and the laws are introduced which were not made until that time, so today the banking sector and financial structure is more durable. It is a proof of turning crisis into opportunity.”
Serdengeçti reminded that there were people who define global crisis with L, U and wide W, and said, “We can define our 1994 and 2001 crises as V or narrow W. We went down and came off in a short time. However, they can define global crisis with L, u and wide W. This is because, we do not estimate where we are even a year passed over it. Improvements in some values, decrease in price of gold, increase in stock exchange and price of wares are regarded as the beginning of improvement. However, I do not find it enough. It is not possible to talk about an improvement until the prices rise in housing in the center of the crisis, America, and the decrease in finance markets stops. When it comes to Turkey, it is not right to attribute the recession we experience totally to global crisis. The growth over nine we experienced in 2004 fell into decline in 2005 and 2006, it was declining in 2007 before the crisis. The reason is the reform fatigue in politicians. The measures that were not taken, the laws that were not introduced are the real reasons. That is why the government should analyze the crisis well, make reforms in public finance without any delay. Agreement with IMF, which is an anchor, must be made immediately since we cannot develop a national anchor.”
At the end of the conference, Süreyya Serdengeçti answered the questions of the students and IUE Rector Prof. Dr. Attila Sezgin presented him a plaquet.
