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Turkey and the European Community: Regional Integration and Economic Convergence

In: The Economy of Turkey since Liberalization

Author

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  • Robert C. Hine

Abstract

The agreement reached by EC leaders at Maastricht in December 1991 on further steps towards political and economic union represented a high water mark in the evolution of the European Community. It was the culmination of a remarkable period of renewal and development from the doldrums experienced in the early 1980s. The catalyst for this recovery was the drive to create a single European market (SEM) by the end of 1992. The SEM has already had a global impact, causing non-member countries to reevaluate their relationship with the Community. Fears arose of an inward-looking ‘Fortress Europe’, increasingly protectionist in its trade policies. Coupled with the political and economic changes arising from the demise of the former USSR, this has led to formal applications for EC membership from a number of neighbouring countries, and expectations of eventual membership in others. However, the partial disintegration of the exchange rate mechanism (ERM) following the crisis of September 1992 and doubts about the desirability of economic and monetary union have placed the debate about the feasibility of simultaneously deepening and widening the Community in a new perspective.

Suggested Citation

  • Robert C. Hine, 1996. "Turkey and the European Community: Regional Integration and Economic Convergence," Palgrave Macmillan Books, in: S. Togan & V. N. Balasubramanyam (ed.), The Economy of Turkey since Liberalization, chapter 7, pages 131-154, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-24464-5_7
    DOI: 10.1007/978-1-349-24464-5_7
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