An in-depth analysis of the European Union from an economic perspective and from the perspective of Turkey's potential accession.
Written in 2009; 2,753 words; 4 sources; MLA; $ 82.95
Paper Summary:
The paper discusses how Turkey is experiencing difficulties in joining the EU due to a number of cultural, legal and economic factors. The paper looks at the problems of inflation and unemployment in the European Union and how member states fear that enlargement would reduce their gains from membership. The paper also discusses differences in the labor market between Turkey and the EU and the fact that Turkey is predominantly Muslim, which affects their system of law and thus limits their chances of joining. The paper reveals, however, that the most important factor in the consideration of membership is the potential economic benefit the country poses to the EU. The paper examines the the likelihood of a demand shock, the effectiveness of the EU's national monetary policies, and the benefits of a common currency.
Outline:
The European Union and Turkey
Inflation and Unemployment Preferences in Turkey and Europe
Differences in the Labor Market
Legal System Differences
Growth Rates
The Relevance of Differences
The Likeliness of a Demand Shock
The Effectiveness of National Monetary Policies
The Cost of a Monetary Union and the Openness of Countries
The Benefits of a Common Currency
From the Paper:
"The decision at the December 2004 EU summit to begin the process of admitting Turkey into the European Union brought the question of Turkish accession to the fore once again. (Redmond 305) The European Union is a collection of country-states in Europe who have joined together in a monetary union, establishing the Euro, a common currency between all member states. Upon the introduction of the new common currency, the member nations of the European Union (EU) transferred their sovereignty over monetary matters to a new supranational institution, whose members elected to participate in the common-currency plan. With the advent of the Euro, member companies engaged in international trade and international transactions would be able to reduce costs. At the same time, while within the Euro's zone, the necessity of exchanging national currencies would be superfluous. (Rich 241) The main driving force behind the monetary unification is the hope that the Euro may help to integrate Europe by the creation of a union which would force them closer in both money, and subsequently, politics."
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