FRANKFURT (MktNews) - The eurozone need not be concerned about the impact of recent events in Turkey, European Central Bank President Wim Duisenberg said Thursday.
Public arguments over corruption between Turkish political leaders triggered a financial crisis last week which unleashed a flight to safety. The Turkish central bank floated the lira in an attempt to end the crisis, with the Turkish currency depreciating by some 36% in the first two days of trading. The currency has recovered somewhat since then.
"We did not discuss Turkey. We did provide the Governing Council with an analysis of the events in Turkey and the possibility of spillover effects to the euro area, which concludes that such spillover effects are not to be feared," Duisenberg said.