Macroeconomic Policies for EU Accession

Macroeconomic Policies for EU Accession

Edited by Erdem Başçı, Sübidey Togan and Jürgen von Hagen

What macroeconomic requirements must Turkey meet in its quest to accede to the European Union? This book, with its distinguished contributors – well-known economists and policymakers – examines and analyses these macroeconomic challenges confronting Turkey. Although the focus is on the specific situation of Turkey, the lessons are informative for other candidate countries and the findings directly relevant to the process of European integration.


Erdem Başçı, Sübidey Togan and Jürgen von Hagen

Subjects: economics and finance, financial economics and regulation


Erdem Bas çı, Sübidey Togan and ¸ Jürgen von Hagen After 50 years of inward-oriented development strategies, Turkey switched to outward-oriented policies in 1980. A new policy of opening up the economy has been pursued with the aim of integrating Turkey into the European Union (EU). At the Association Council Meeting in Brussels on 6 March 1995, Turkey and the EU agreed to form a customs union starting on 1 January 1996. Turkey’s recognition as a candidate country for EU membership at the Helsinki European Council in December 1999 ushered in a new era in the relations between Turkey and the EU. After the approval of the Accession Partnership by the Council and the adoption of the Framework Regulation on 26 February 2001, the Turkish Government announced its own National Programme for the adoption of the Acquis Communautaire on 19 March 2001. In late 2004, another milestone was reached with the European Commission’s recommendation that the European Council endorse the opening of formal accession negotiations and establish a timetable. The Copenhagen European Council, in December 2002, concluded that ‘if the European Council in December 2004, on the basis of a report and a recommendation from the Commission, decides that Turkey fulfils the Copenhagen political criteria, the European Union will open accession negotiations with Turkey without delay’. The December 2004 Council decided to start membership talks with Turkey on 3 October 2005. Although the process has been launched, significant uncertainties continue to prevail as to whether Turkey will be...