ISTANBUL (A.A) - 22.05.2002 - State Minister Recep Onal said on Wednesday that globalization necessitated more transparent and straightforward market, adding, ''so we should lift every smoke screens which darken us and overshadow our transparency and we should not allow financial pollution.''
Speaking at the 27th annual conference of the International Organization of Securities Commissions (IOSCO) in Istanbul, Onal said that every circle had started to intensely feel effects of globalization and were becoming a part of global economy.
Noting that change in many traditional activities was the most specific characteristic of this globalization process, Onal said that globalization had started to change the economic, financial and political understandings.
Onal stressed that this change had brought a new point of view toward decision-making processes, investors' rights, institutional management, mediation services and standards of informing the public and had increased the capacity, vitality and activities of markets.
Noting that while those who created the change and those who kept in step with the change were benefiting from the fruits of globalization, those who insisted on their traditions were either content with pulps of those fruits or watching them from a great distance, Onal said that efforts for keeping in step with the change laid beneath the economic problems in many countries.
Stating that road map was today drawn by globalization, Onal said that this road map should be followed without any deviation in order to avoid threats of transformation process and overcome the difficulties.
''The market needs confidence, determination and justice. We should remove everything which makes us unreliable. We should do everything which is necessary to provide balance of justice. With this respect, Turkish capital markets do have an advanced and further place,'' he said.
Recalling that the government and relevant independent administrative authorities continued taking all measures to adjust markets' institutional and legal infrastructure with global trends, Onal said that regulations which prevented competition and contradicted with global trends had been annulled and important progress had been recorded in transparency.
Stressing that Turkish capital markets had gained a position which was open to every kind of international cooperation for their development, stability and reliance, Onal said, ''with this respect, the Turkish government is ready to make effective and constructive contribution.''