Babacan says he will return to private sector

ISTANBUL - Hürriyet Daily News

The Deputy PM says he will leave politics after his third term. AA photo

Deputy Prime Minister Babacan has said that he will no longer pursue a career in politics and will instead return to the private sector after his third term in the Cabinet ends.

“I do not have long-term plans regarding politics. I will return to the private sector upon the end of my duty,” he said in Tokyo, daily Hürriyet reported Oct. 12.

Babacan was in the Japanese capital to attend the annual meeting of the International Monetary Fund and the World Bank.

In his speech at the meeting, Babacan assessed the challenges ahead for the global economy. “The efforts of major central banks were instrumental in averting another financial meltdown. However, liquidity injection is not sufficient on its own to turn the tide, as the fundamental problems remain unsolved. Governments should make the best use of the opportunity window provided by central banks’ liquidity operations,” he said, according to Anatolia news agency.

“In the period ahead, maintaining macroeconomic stability and financial stability concurrently remains a major challenge for policymakers. New policies as well as new policy tools might be needed to achieve both stability targets,” Babacan added.