Turkish PM: International fiscal system is to be reformed

Turkish Prime Minister Recep Tayyip Erdogan spoke at "Growth and Global Economy" session of G-20 Leaders' Summit which is held in Strelna town of Russia's St. Petersburgh. Erdogan said here that reformation of an international fiscal system had vital importance so as to reach the target of strong, sustainable and balanced growth. At his speech, Erdogan also said credible medium-term programs were important in order to recover economies and increase the employment, adding especially developed countries should apply middle-term public finance strategies in discipline and determined way. Middle-term programs we have designed well and applied resolutely have played a critical role in economic growth, employment, public finance indications and increasing credibility in markets, said Erdogan. Noting a limbo continued to exist on future of global economy, Erdogan also said, "We should preserve spirit of G-20's cooperation, determination and coordination in the aftermath of global crisis, but the commitments should be supported with concrete political attempts." Expressing St. Petersburgh Action Plan which would be declared at the end of the summit was a key means that would form the roadmap of the following period, Erdogan stated that it was important for developed economies to act in cooperation and coordination so as to jump out of expansionary fiscal policy. Timing and speed of this action should be well adjusted, said Erdogan, adding another requirement was establishment and preservation of financial stability for a strong and sustainable growth. Prime Minister Erdogan also recorded that mechanical dependence on credit rating