ISTANBUL (AA) - July 31, 2012 - The Director of the Center for Economic Performance at the London School of Economics and Political Science (LSE), Prof. Dr. John Van Reenen has said that credit rating organizations were "unnecessary".
Speaking to the Anadolu Agency (AA), Dr. Van Reenen said that "with its fast economic growth, Turkey caught Europe and closed the gap".
"Turkey must now be admitted into the European Union (EU)," Dr. Van Reenen stressed.
We need not pay attention to credit rating agencies as we have seen how unnecessary they are before the crisis and after the crisis, Dr. Van Reenen stated.
On the possibility that Spain may exit the Euro zone, Dr. Van Reenen said that such a possibility may have a domino effect in the union.
"North European countries displayed a successful model during the crisis. If a country exits the Euro zone, the economies of northern Europe would be seriously affected," Dr. Van Reenen also said.
