Europe is in a period of high risks, says Deputy PM Babacan

ISTANBUL (A.A) - November 17, 2011 - Turkish Deputy Prime Minister Ali Babacan said Thursday that Europe was in a period of high risks. Speaking at the Third Black Sea Energy and Economic Forum in Istanbul, Babacan said that the governments, parliaments and societies in Europe had to play a role in finding solutions. We do not believe that measures imposed from outside can help solve the economic problems of certain European countries, Babacan stressed. Turkey has entered the crisis period in Europe with a strong banking and public fiscal policy. As such, Turkey was one of the countries least affected by the crisis that began at the end of 2008, Babacan said. Turkey continues to create jobs. Only in the past one year, Turkey created 1.5 million new jobs, Babacan said. The growth in Turkey was made possible by the private sector. Our private sector continues to make investments, banks continue to provide loans and domestic demand continues to grow. The atmosphere of confidence in Turkey has helped us deal with the crisis in Europe, Babacan said. Confidence does not take place immediately. The lack of political leadership in Europe is the cause of the economic crisis, Babacan also said.