Turkey calls for EU structural reforms to sustain economic growth

Turkey urged the EU on Friday to realize structural reforms for a sustainable economic growth at an economic summit in Turkey's northwestern city of Bursa.

Addressing the participants at the Uludag Economy Summit, Turkish Deputy Prime Minister Ali Babacan underlined the importance of the EU's structural reforms while praising the European Central Bank (ECB)'s efforts in reviving its economies.

"They cannot succeed without structural reforms," he said. "The ECB has introduced new monetary policies, however, the central bank alone cannot ensure the bloc's growth and employment."

The ECB recently declared that it is going to introduce a considerable amount of liquidity into the market, assuring that it wouldn't let any European country or any European bank to go bankrupt.

Babacan also urged European countries to adopt coherent and concurrent policies in achieving structural reforms.

Referring to the global economy, Ibrahim Canakci, member of IMF executive directors board, said the slow economic growth, high employment and narrowing investment are among the most important problems of the global economy.

The shrinking trade volume and the unequal income distribution also threatens the global economy, he warned, adding that these issues are expected to be solved during the G20 meetings this year.

The Uludag Economy Summit is organized every year by the Capital and Economist magazines since 2012.

Several international and domestic business delegates as well as key political figures attended panel discussions during the two-day summit on the theme of "doing business in a digital world." Endit