Babacan says G-20 is superceding G-7

Deputy Prime Minister Ali Babacan attended the "Asian Stock Exchanges Istanbul Meeting," hosted by the head of the Istanbul Stock Exchange yesterday. Delivering a speech at the meeting, Babacan said that they were living in a period where world's equilibriums were swiftly changing. "The G-7 mechanism used to be very effective, but now we see that the G-20 is quickly overtaking the G-7. When the G-7 comes together, they no longer have that old representative power. However, when the 20 countries sit at the table, you can see a very effective decision-making mechanism," Babacan said. Babacan stated that Turkey was the fastest country that reduced the number of unemployment rate speedily according to International Labor Organization.