Gul: "It's too early to call the global crisis over"

President Abdullah Gul yesterday hosted a dinner in honor of the International Monetary Fund-World Bank Board of Governors at the Dolmabahce Palace in Istanbul, which is hosting their annual meetings with the attendance of some 13,000 participants, including finance ministers and central bank governors from 186 member countries from across the world. Speaking at the dinner, Gul said it's still early to say that the global economic crisis is over. He said that problems in developed countries, particularly problems in Europe's financial sector, had not been totally overcome yet. Gul called the crisis the worst since 1945, adding, "Today, we can see that the world economy is recovering somewhat, financial markets are stabilizing, forecasts are improving, and economic activities are also recovering." He said, "We're trying to shape the new global economic order in a way that will have positive outcomes for everyone." Gul said that it was clear the global economy should shake off its pre-crisis fragilities, and the main issue concerning global policymakers is economic and financial system reforms. Top economic nations have agreed on methods to address national and international financial deficiencies, and sped up the reform process, said Gul. "In light of these developments, we can say the global economy is on the brink of a radical change," he added. Countries have to cooperate for sustainable and balanced global growth, and they must find solutions to global problems and cooperate, Gul added. Among the guests at the dinner were Deputy Prime Minister for the Economy Ali Babacan, Finance Minister Mehmet Simsek, and IMF Managing Director Dominique Strauss-Kahn. Before the dinner, the guests also watched a performance by Mehter Takimi, the Ottoman Military Band. In related news, Babacan yesterday met with the European Central Bank head Jean-Claude Trichet in Istanbul. The two discussed the general outlook of the European economy, and Ankara's recently announced middle-term economic program. In other news, Prime Minister Recep Tayyip Erdogan's wife Emine hosted a luncheon for the wives of the attending economy ministers and top economic officials in Istanbul. During the luncheon, Mrs. Erdogan told her guests about her charity work, and possible joint charity initiatives were discussed.