Babacan briefs participants of a G20 meeting on Turkey's economy

Deputy Prime Minister Ali Babacan on Saturday addressed participants of a G20 meeting of finance ministers and central bank governors in Mexico City. Speaking at a working dinner hosted by Mexican President Felipe Calderon, Babacan warned that despite some recent good news in Europe's economic prospects, countries still needed to act with caution on such key issues as maintaining competitive power and healthy access to markets for Greece and strengthening the European Financial Stability Fund (EFSC). Briefing the participants on the Turkish economy, Babacan said Turkey's dynamic private sector continued to drive a boom in economic growth and employment, a strong banking industry safeguarded by a stable development. "From the peak of the 2009 crisis until November of last year we saw 3.7 million jobs created in Turkey," Babacan said, adding that the average capital adequacy ratio in Turkish banks is 16.5 percent and the Turkish government did not have to bail out any of the country's banks during the crisis. Delivering a speech on the sidelines of a forum on Saturday, Organization for Economic Cooperation and Development (OECD) Secretary-General Jose Angel Gurria praised the economy management of Turkey in the face of crisis. Institute of International Finance (IIF) Director Charles Dallara also separately spoke highly of Turkey's economy and addressed Babacan as "the architect behind the economic stability in Turkey."