Macroeconomic Policies for EU Accession
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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.
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Chapter 10: Macro Policy Challenges for Turkey: Some Comments

Marco Buti, Max Watson and Pieree van der Haegen

Extract

10. Macro policy challenges for Turkey: some comments Marco Buti, Max Watson, Pierre van der Haegen and Ricardo Hausmann 10.1 GROWTH AND STABILITY DURING CONVERGENCE: EXPERIENCES OF EU MEMBER STATES Marco Buti and Max Watson* 1. Introduction Enlargement is already bringing new sources of dynamism to the EU economy and the accession of Turkey holds great potential for extending this process into the future. The challenge for the EU is to put in place policies that realize the full benefit of this and especially to accelerate economic growth. For Turkey, a different challenge lies ahead: to prolong the phase of strong growth of 2004 and 2005 and make it truly sustainable. The experience of Turkey in recent years underscores the role of sound macroeconomic policies in this respect. Over the medium term, stability and growth go hand-in-hand and nowhere is this clearer than in economies that are dependent on external flows and have a high public debt. In the short run, though, policymakers can face major tensions in designing policies to assure both stability and growth, not least at times of major transformation in the economy (see Table 10.1.1). How far do earlier EU experiences offer guideposts in this regard, especially during periods of accession and economic convergence? Turkey is grappling with some challenges that have parallels with the experiences of a number of EU member states. It is embarked on a major transformation of the economy and adoption of the acquis communautaire. Like some, it has...

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