Turkey: Toward EU Accession

33 Pages Posted: 4 Aug 2004

Abstract

The purpose of this paper is to study selected aspects of Turkish accession to the EU. Joining the EU will require Turkey to attain macroeconomic stability, adopt the Common Agricultural Policy, and liberalize its services and network industries. Furthermore, joining the EU will require Turkey to adopt and implement the whole body of EU legislation and standards - the acquis communautaire. According to the EU membership criteria, new members must be able to demonstrate the 'ability to take on the obligations of membership including adherence to the aims of political, economic and monetary union'. Thus Turkey will be expected to adopt the euro when it is ready to do so, but not immediately upon accession. Integration will boost allocative efficiency in the Turkish economy which in turn will make the country a better place to invest. Furthermore, Turkey will reap the benefits from monetary integration and from migration of labour to the EU. But the welfare gains will have a price, and the price will be the adjustment costs associated with the adoption of the euro. The final section of the paper considers the effects of accession on the EU in terms of migration and budgetary effects.

Suggested Citation

Togan, Subidey, Turkey: Toward EU Accession. Available at SSRN: https://ssrn.com/abstract=568261

Subidey Togan (Contact Author)

Bilkent University ( email )

Bilkent, Ankara 06533
Turkey

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