Union of Chambers and Commodity Exchanges of Turkey

Global problems can only be solved via global coordination

09.02.2015 / İstanbul

Speaking at the “G20 Agenda Under the Turkish Presidency” Seminar held by the International Institute of Finance, TOBB President M. Rifat Hisarcıklıoğlu stated that they put great importance on the G20 in these interesting times with many global problems on the agenda, he stressed that these would require global coordination in order to solve.​

TOBB President M. Rifat Hisarcıklıoğlu stated that 2015 is very important for everyone and that they are very proud of Turkey’s G20 Presidency.


Stating that, as the President of TOBB, with over 1.5 million members nationwide, he is also the B20 President, Hisarcıklıoğlu reported that they’ve formed a comprehensive agenda to relay the issues of the global business community to the G20 leaders.


Pointing out that no sustainable solution to the global economic slump of the last 6 years, Hisarcıklıoğlu said, “In the past, trade used to be the driving force behind global growth. Today, the increase in trade is behind even global growth. Youth unemployment is at very high levels. It has reached 40% in some countries. The finance sector overlaps with many other sectors. This is true in all aspects of the economic life. Today, financial markets are experiencing an explosion in both scope and complexity. A single mistake or political decision can lead to great turmoil as we’ve seen in past centuries. The costs of these mistakes reach billions, even trillions of Dollars. These are lost opportunities and millions of jobs. International political tensions increase and financial crises cause unrest in civil society.”


- Wakeup call from developing markets


Stating that the USA is on more stable ground today, Hisarcıklıoğlu pointed out that the IMF projects growth, albeit small. He stated that this is a wakeup sign in all developing markets.


Hisarcıklıoğlu stated that he is not completely convinced that they are standing at a positively better position than they were 6 years ago, “McKinsey Global Institute has stated this in their last report. Global debt was 142 trillion USD in 2007. Today, it has increased to 199 trillion USD. In other words, the world has become indebted thrice as much as it produces each year and it is unsustainable.”


- Role of the businessmen


M. Rifat Hisarcıklıoğlu stated that the effects are apparent on governments, private sector and that there is a role for businessmen to play.


Stating that the monetary policies in the USA and the EU have changed everything, Hisarcıklıoğlu said that all company bonds need to be restructured.


“I won’t go into too much detail as the TCMB President Erdem Başçı who is not just a professor on the subject of macroeconomics, but also the president of one of the central banks most successful in their recovery following the global crisis will be speaking on the matter after me.


Mr. Başçı is also the Chairman G20 Central Banks Presidents. Today and tomorrow, they will be discussing the problems I’ve mentioned. We will be waiting for the results. As organization leaders, it is our primary duty to inject trust to the economy and the financial system. As Larry Summers said: ‘Trust is the lowest cost incentive,’ and we will have great need of this incentive throughout the term.”

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