Business Cycle Synchronization in European Economic and Monetary Union (EMU): Testing The Oca During Financial Crisis
In: Ankara Üniversitesi SBF dergisi, Band 72, Heft 4, S. 1157-1183
ISSN: 1309-1034
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In: Ankara Üniversitesi SBF dergisi, Band 72, Heft 4, S. 1157-1183
ISSN: 1309-1034
Balıkesir Üniversitesi, Sosyal Bilimler Enstitüsü, İktisat Ana Bilim Dalı ; Türkiye'nin Avrupa Birliği ile 1963'de ortak üye olarak ilişkisi, 1996 yılı başından itibaren Avrupa Gümrük Birliği'ne katılma şeklinde sonuçlanmıştır. Türkiye bugün tam üyelik statüsünü kazanamamış olsa dahi, nihai amaç budur ve kendi siyasal, sosyal, kültürel ve ekonomik yapısını, politikalarını ve kurumlarını tam üye olacakmışçasına şekillendirmektedir. Bu çalışmamızda, Avrupa Birliği'nin kuruluş ve amaçlan, gelişim süreci ve Türkiye'nin bu toplulukla olan ilişkisi ana hatlarıyla özetlendikten sonra, bugün Avrupa Birliği'nin "Parasal Birliği" oluşturma çabalan, parasal birliğin koşulları ve karşılaşılan sıkıntılar incelenmiş ve Türkiye'nin önümüzdeki 10-15 yıl içerisinde Birliğin tam üyesi olabileceği varsayımı ile Avrupa Para Birliği gelişmeleri karşısında durumu değerlendirilmiştir. Tam üye olarak Avrupa Birliği'ne katılması halinde Türkiye, Avrupa Para Birliği oluşumu karşısında mevcut iki alternatiften birini seçecektir. Bu altenatiflerden biri Avrupa Para Birliği'ne katılmamak ancak gelişmeleri dışarıdan takip etmektir. Diğer alternatif ise tam üyelikle birlikte Avrupa Para Birliği'ne de katılmaktır. Bu ise, Türkiye'nin Avrupa Birliği Antlaşması'nda öngörülen Ekonomik Parasal Birliğin makroekonomik yaklaşım kriterlerini yerine getirmesini veya bu kriterlerini bütünüyle yerine getiremese bile, en azından AB ortalama değerlerine yaklaşmasını gerektirmektedir. ; The relationship of Turkey with the European Union started in 1963, as associate member, with the Ankara Agreement, and presently resulted in a Customs Union agreement whichbecame effective at the beginning of 1996. Although Turkey has not yet been accepted as a fiillmember of EU, it has already started to reorganise its political, social, cultural and economic structure with a confidence that its fullmembership is unovoidable and not too far away. In this study after a brief theoritical and conceptual framework, first, foundation and aims of the European Union, its evolution and the relationship of Turkey with the Union were outlined. Then the efforts of the EU to establish "Monetary Union", the conditions of the achievement of the Monetary Union and the Current problems faced were studied. Finally, assuming that Turkey's fullmembershipto the European Union will reasenably be realized in a 10-15 year period, the prospective of Turkey as regard to the European Monetary Union was evoluated. In case of Turkey joins the EU as a fullmember, it will have two alternatives to choose as regard European Monetary Union. One alternative is not to join the European Monetary Union at all. The other alternative is to join the Monetary Union assuming the responsibility of fulfillig the required macroeconomic criteria, or at least approaching to the average values of the Union.
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In: Politická ekonomie: teorie, modelování, aplikace, Band 60, Heft 6
ISSN: 0032-3233
There is no historical precedent for the institutional set-up of the eurozone. However, it is an arrangement that could not and cannot escape the universal laws and principles of economics. This paper tries to look generally at the consequences of this integration project from the perspective of the former monetary hegemon, Germany, whose hegemony largely ended as a result of the monetary integration method chosen. Those consequences are of course more apparent in bad times than they were in good times. We then specifically examine the problem of convergence and divergence within a currency area and discuss the issue of competitive devaluation. In the conclusion we try to formulate the fundamental dilemma faced by the former monetary hegemon. Its solution will affect those inside and outside the integration project. Adapted from the source document.
In: Politická ekonomie: teorie, modelování, aplikace, Band 53, Heft 5, S. 687-701
ISSN: 0032-3233
Paper deals with the European Monetary Union from perspective of Post Keynesian school of economic thought. It discusses separately arguments often proposed by mainstream economists. After the brief introduction, which highlights main differences between mainstream & Post Keynesian economic theory, work deals in sequence with trade argument often found in discussion about monetary unification, monetary issues mainly with the role of European Central Bank & lastly, work appraises European Monetary Union from international monetary arrangement perspective proposed by Post Keynesian economists. Based on this evaluation, work concludes stating that Post Keynesian economists are more likely not to be overenthusiastic with European monetary unification. References. Adapted from the source document.
In: Politická ekonomie: teorie, modelování, aplikace, Band 56, Heft 3, S. 318-344
ISSN: 0032-3233
Slovak Republic entered the ERM II in the end of 2005 whereby it came nearer to its strategic objective -- joining the euro area. In this paper we try to answer two questions. Section 1 examines the features and risks of the EMU. Is EMU an optimum currency area and what is the OCA scorecard of euro area? We conclude that euro area -- in spite of its indisputable benefits -- is rather a premature monetary union with asymmetric monetary policy effects and other policy asymmetries. Section 2 analyzes possible effects of the EMU on the Slovak economy. We examine the experience of other countries and compare their real convergence to average level of euro area before and after joining the EMU. The readiness of Slovak economy for euro adoption, possible obstacles on this uneasy way and the connection between income level, price level and real convergence are analysed at the end of the paper. Adapted from the source document.
In: Politická ekonomie: teorie, modelování, aplikace, Band 55, Heft 3, S. 334-353
ISSN: 0032-3233
Dünyanın çeşitli yörelerinde başlayan bölgesel bütünleşme hareketleri, kültürel ve coğrafi yakınlıklara dayalı olsa da, temelinde ekonomik ilişkilerin olduğu bir gerçektir. Bu tür ekonomik örgütlenmelerin son zamanlarda dünyanın her tarafında hız kazandığı görülmektedir. Bu ekonomik örgütlenmelerden en önemlisi de Avrupa Birliği'dir. Gümrük Birliği, Tek Pazar gibi önemli aşamalardan sonra en son ve en kapsamlı olan Ekonomik ve Parasal Birlik (EPB) aşamasına geçen Avrupa Birliği, üye ülkelerin ekonomik standartlarını birbirine yakınlaştırarak, bölgeselleşmenin başarı ile sürdürülmesini sağlamaktadır. Bu kapsamda Parasal Birlik aynı zamanda, üye ülkelerin ekonomilerinde borç, fiyat istikrarı, faiz oranları, kur istikrarını içeren kriterlere uymalarını zorunlu kılmaktadır. Avrupa Birliği ile yıllardır süren ve henüz istediği aşamaya ulaşamayan bütünleşme süreci, Türkiye'nin önemli dış politika amaçlarından biri olmuştur. Bu çerçevede yapılan reform çalışmaları ve parasal birlik için istenen kriterlerin karşılanması bu tezin asıl amacını oluşturmaktadır. Bu çalışma ile Avrupa Birliği uyum sürecinde Türkiye ile yaşanan ekonomik ilişkilere değinilmiş ve ekonomik bütünleşme teorisi çerçevesinde hangi aşamanın gerçekleştiği ve bundan sonra kalan aşamalar için neler yapılması gerektiği üzerinde durulmuştur. Özellikle, birliğin en önemli ticari ortaklarından biri konumunda bulunan Türkiye'ye, bütünleşmenin yol haritasının zorlu yollardan geçirilmesi bütünleşmenin düşünüldüğü gibi kolay olmayacağının göstergesi niteliğindedir. Bu doğrultuda, Türkiye'nin bundan sonraki yaklaşımı bütünleşmenin sürdürülebilirliği açısından önem arz etmektedir. ; Although regional integration movements, that emerge in various parts of the world, are derived from cultural and geographical proximity, it is a fact that they are based on economic relations. It is observed that foundation of such economic organizations is accelerating all around the world. Most important of those organizations is the European Union. After going through important phases like Customs Union and Common Market, the European Union achieved the last and the most comprehensive stage: Economic and Monetary Union. By making the economic standards of member countries converge, the European Union successfully sustains the regionalization. Also in this regard, Monetary Union requires the debt level, price stability, interest rate and exchange rate stability of member state economies match certain criteria,. The integration process with the European Union has been of important foreign policy objectives of Turkey, although this process has been going on for years but has not reached the desired level yet. In this study, the economic relations of Turkey in the process of harmonization with the European Union are mentioned and the level of progress in the framework of economic integration theory is elaborated. Especially, headed for integration with the Union as one of the main commercial partners, the obstacles confronted by Turkey are signs that the integration process will not be as easy as expected. In this perspective, the attitude of Turkey hereafter is crucial in terms of sustainability of the integration.
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In: Mezinárodní vztahy: Czech journal of international relations, Band 38, Heft 3, S. 64-84
ISSN: 0543-7989, 0323-1844
The main purpose of this article is to show by selected case studies to what extent the euro has already managed to establish itself as one of the key international currencies from the point of view of various aspects, to what extent it fulfills the functions of an important international currency, and what are the prospects of the euro's position in the future. Various signals indicate that the euro already fulfills some conditions which would allow it to become a serious competitor to the dollar in a relatively short period of time. The article is also taking notice of some obstacles and drawbacks that the European Economic and Monetary Union (EMU) has to and will have to deal with.First of all, the author deals with the question of whether the eurozone is an optimum currency area. This is one of the principal theoretical problems which has been accompanying the EMU since the very beginning. Then he shifts his attention to the question, concerning what role does the euro play in the world economy at present from the point of view of the share of the eurozone on the world GDP, trade, officialforeign exchange reserves, selected indicators offinancial markets etc. Then he deals with the role of the euro in the world monetary system -- one of the main subsystems of the world economy. Here is presented a survey of countries which have accepted the euro as its single or main currency, and also countries whose currencies are narrowly linked to the euro by means of various exchange rate mechanisms. The next part of the article outlines the potential of the euro in its "conquest" offurther regions of the world. Both those where the euro is becoming or will become the number one currency (e.g. in the countries of Central and Eastern Europe) in a foreseeable future, and those where it will compete with the American dollar (e.g. in Latin America, in the Middle East etc.). In the final part, the author attemptes (use the same tense) to point out some problems which can influence what?missing subject, if and to what extent the euro really will become a strong and stable currency. At the moment, it is not yet possible to answer concisely and clearly the question of whether the euro will become an equivalent competitor to the American dollar. It is important whether the EMU will or will not break up in the course of the coming years or decades. So far, there have not appeared any signals of this kind. It will be substantial how the member countries of the eurozone will be able to handle the first serious crisis, e.g. analogical to that of 1992-1993. At that time, the exchange rate mechanism (ERM) was abandonned temporarily by the 1talian lira and permanently by the British pound. This crisis of the European monetary system has shown the difficulty or even incapacity to set such a monetary policy which would be simultaneously advantageous for all member countries of a certain monetary system. The question is whetlLer it is possible considering there are usually big differences in economical standing between individual countries. A similar or even a more serious crisis could emerge in a longer time horizon. The EMU thus stays a long term project and a long distance run. It is, however, possible to assume that within the next ten years, it could become totally clear whether the EMU project is a great success or a great error. Adapted from the source document.
In: Politická ekonomie: teorie, modelování, aplikace, Band 58, Heft 1
ISSN: 0032-3233
The paper deals with the monetary policy of the European Central Bank & its effects on economic development of the Czech economy & other new members of EU from the perspective of Post-Keynesian monetary economics. In the first part the basic principles of contemporary Post-Keynesian monetary theory of relative endogeneity of money are shortly presented. The second part concentrates on the Post-Keynesian criticism of the institutional arrangement of the ECB & its monetary policy. The closing part treats issues concerning potential effects of the policy of the ECB in the given institutional framework on economic development of the Czech economy & economies of other less developed members of EU after joining the Eurozone. Possible adverse effects on the process of real convergence are discussed & alternative policies eliminating this danger are presented. Adapted from the source document.
Avrupa Kömür ve Çelik Teşkilatı(European Coal and Steel Community-ECSC)'ndan Reform Antlaşması'na Entegrasyonun Yönü adlı bu tezde Birliğin kuruluşundan günümüze kadar değin birliğin katetmiş olduğu yol ve yaşanan değişim ele alınmıştır. Bu bağlamda başlangıçta yalnızca kömür ve çelik gibi savaş hammaddesinin iki temel girdisi olan üretiminin ve dağıtımının bir üst otoriteye devredilmesiyle oluşan AKÇT(ECSC)'den günümüzde reddedilmiş olsa da Avrupa Birliği Anayasası'yla bir devlet olma yolunda önemli atan Avrupa Birliği'nin tarihsel kronolojisi entegrasyon teorileri bağlamında ele alınmıştır. Başlangıçta ekonomik kaygılar ve amaçlarla kurulan Birlik, Tek Avrupa Senedi(Single European Act) ve özellikle Maastricht Antlaşması ile siyasi entegrasyon aşamasına geçmiştir. Ekonomik ve Parasal Birlik'in temellerini atan Maastricht Zirvesi sonrası birliğin bir sonraki aşamaya geçmesini öngören Avrupa Birliği Anayasası(Treaty Establishing a Constituion for Europe)'nın Fransa ve Hollanda tarafından reddedilmesi ile Birlik bir süre belirsizlik havası yaşamış fakat getirilen Reform Antlaşması(Lisbon Treaty) ile bir anlamda çark etmiştir. Teknik olarak bir anayasa olmayan Reform Antlaşması, federalizmi çağrıştıran tüm unsurlar ayıklanıp yeni versiyonuyla ortaya konulmuştur. Avrupa Birliği, 27 üye ülkeyle bu kurumsal yapıyla hantal karar alma mekanizmasıyla daha ileri gitme genişleme, daha esnek kararlar alma şansına sahip değildi. Dolayısıyla Avrupa Birliği'nin kendini yenileyebilmesi için bu antlaşmaya ihtiyaç vardı. Reform Antlaşması'yla birlikte Birlik Avrupa Birliği Anayasasıyla entegrasyon teorileri bağlamında en sıkı bütünleşme modeli sunan Federalizmden vazgeçmiş, tam bir siyasal birlik simgesel düzeyde kalmıştır. ; In this thesis titled Direction of Integration from the European Coal and Steel Community to the Reform Treaty, ground gained by community from its establishment up to the present and change experienced are discussed. In this regard, it?s initially discussed ECSC constituted by transferring production and distribution of two basic inputs of war raw materials such a steel and coal to a higher authority in the context of integration theories of European Union?s historical chronology which took important steps in the way of being a State due to the constitution of European Union that is even refused today. The union that was founded due to economic concerns and purposes in the beginning came to the political integration stage with the Single European Act and Especially with Maastricht Treaty. After the Maastricht Summit which founded the Economic and Monetary Union, with refusal of Treaty Establishing a Constitution for Europe by France and the Netherlands that proposes it to pass through the next stage, the Union had atmosphere of uncertainty, it turned in a sense due to Reform Treaty (the Treaty of Lisbon). Reform treaty that is technically is not a constitution was revealed with its new version being relieved from all the elements which were reminiscent of federalism. European Union did not have any chance to advance more, expand and take more flexible decisions with these 27 member states, with this institutional structure and slow decision making mechanism. Accordingly, this treaty was needed for European Union to reform itself. With the EU constitution together with the Treaty of Reform, Union gave up Federalism that presented the strictest integration model in the contexts of integration theories and full political union remained as symbolic level.
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In: Politická ekonomie: teorie, modelování, aplikace, Band 54, Heft 1, S. 3-21
ISSN: 0032-3233
The paper evaluates some policy dilemmas the Czech monetary policy will face on the way towards adopting common currency. The assessment of the inflation criterion concentrates on the potential clash with so called real convergence showing that alleged negative influences on the catching-up process seem to be exaggerated. The reasons leading to some scepticism about the ERM-II arrangement are further explained with distinction placed on eligibility & regime selection motives when applying for the ERM-II membership. Finally, the pros & cons of inflation targeting are discussed from the perspective of promoting the fulfilment of Maastricht requirements. Attention is paid to the issue of optimal exit form inflation targeting having in mind the priority of entering Eurozone with a proper conversion rate. Tables, Graphs, References. Adapted from the source document.
In: Politická ekonomie: teorie, modelování, aplikace, Band 52, Heft 2, S. 171-182
ISSN: 0032-3233
In this contribution, we compare the correlation of supply & demand shocks for the countries of the euro zone & the acceding countries in Central Europe. Demand & supply shocks are recovered from estimated structural VAR models of output growth & inflation in individual countries. We find that Poland & Hungary face already a comparably high similarity with the countries of the current euro zone. However, the remaining countries show still significant differences in business cycles as compared to the euro zone. This is likely to indicate that the loss of monetary sovereignty may be costly. In turn, the integration is expected to align the business cycles of these countries in the medium run. We document a similar development for the countries of the European Union in the 1990s. 4 Figures, 22 References. Adapted from the source document.
In: Politická ekonomie: teorie, modelování, aplikace, Band 53, Heft 5, S. 617-633
ISSN: 0032-3233
The article is concerned with analysis of independence of central banks of the EU Member States within the framework of the ESCB, as well as independence & responsibility of the ECB, & suggests an alternative institutional embodiment of its position, reflecting the specific framework of the EMU. The system of selection of members of the ECB's Executive Board blurs a real collective responsibility towards Member States, which opens possibilities for nontransparent lobbyism. Modified system is suggested so that national banks governors have a symbolic relationship to the political representation, i.e. that they reflect a national economic policy in some way, without being bound & restricted by its formation whatsoever. Tables, References. Adapted from the source document.
In: Politická ekonomie: teorie, modelování, aplikace, Band 53, Heft 5, S. 579-600
ISSN: 0032-3233
2004, which was also the year of EU entry, was quite successful for the Czech economy. Economic growth accelerated, driven in particular by the investment demand & exports. After 10 years of permanent deficits, the trade balance deficit diminished significantly. The effects of EU entry, which opened new chances to the exporters, accompanied the positive impact of FDI inflows from the past. Due to acceleration of exports, industrial output registered a record high growth within the last decade. Accelerating economic growth did not provoke inflationary pressures. Two waves of VAT increase (in January & May) were absorbed until the end of the year. A strong increase in PPI resulting from high world prices of oil & gas had no spillover effect to consumer prices due to strong competition between both the producers & traders. At the beginning of 2005, economic growth continued with the same pace as in 2004, driven by investment demand & exports. Consumer demand kept on weakening, consumption of households registered the weakest growth since the end of 1998. Both the industrial production & exports reported a slowdown due to sluggish economic activity in the euro area, especially in Germany. Tables, Graphs. Adapted from the source document.
ÖZETTürkiye-Yunanistan ilişkileri tarihi süreçte güvensizlik temeline dayandırılmıştır. Bu güvensizlik 1950 yılında ortaya çıkan Kıbrıs sorunuyla pekişerek büyümüş, bu dönemde iki ülke arasındaki anlaşmazlıklar realist bakış açısıyla çözüme ulaştırılmaya çalışılmıştır. 1999 yılında düzenlenen Helsinki Zirvesi'nde Türkiye'nin Avrupa Birliği'ne aday gösterilmesi ilişkileri farklı bir boyuta taşımıştır. Geçmişe bakıldığında tarihleri boyunca hem Türkiye hem de Yunanistan birçok ekonomik krizle mücadele etmek zorunda kalmıştır. Bu krizlerden en önemlisi; 21. yüzyıl itibariyle kendini hissettirmeye başlayarak 2008 yılında Amerika Birleşik Devletleri'nde ortaya çıkan ve 2009'un son çeyreği ile Avrupa Borç Krizi'ne dönüşen küresel ekonomik krizdir. Çok sayıda ülke bu krizden olumsuz etkilenirken özellikle Yunanistan AB bünyesinde en çok zarar gören ülke olmuştur. Kısa bir süre sonra ise Avrupa Borç Krizi Yunanistan borç krizine dönüşmüştür. Bu netice doğrultusunda, başta AB ülkeleri olmak üzere çok sayıda dünya ülkesini etkisi altına alan Avrupa Borç Krizi'nin Türkiye-Yunanistan ilişkilerine olası etkilerinden yola çıkılarak bu çalışma hazırlanmıştır. Bu bağlamda Avrupa Borç Krizi sonrası süreçte Türkiye-Yunanistan ilişkileri, AB-Yunanistan ilişkisini ortaya koyan bağımsız değişken ve yaşanan ekonomik krizin Türkiye-Yunanistan ilişkilerine etkisini gösteren bağımlı değişken ile birlikte neo-realist kuram çerçevesinde değerlendirilmiştir. Bu değerlendirme sonucunda iki ülke arasında yaşanan Ege ve Kıbrıs gibi siyasi anlaşmazlıkların çözüme ulaştırılıp ulaştırılamayacağı noktasında bir analiz yapılması amaçlanmıştır. Bu gaye uyarınca çalışma üç ana bölümden oluşturulmuştur. İlk bölümünde realizm, neo-realizm ve çalışmanın alt problemlerinden ilkini oluşturan Türkiye-Yunanistan ilişkilerinin genel çerçevesi neo-realizm bakış açısıyla çizilmiştir. İkinci bölümde, çalışmanın ikinci alt problemini oluşturan Avrupa Borç Krizi'nin ortaya çıkış nedenleri ile Yunanistan ve Türkiye'ye etkilerine değinilmiştir. Çalışmanın ana araştırma sorusunu oluşturan Avrupa Borç Krizi sonrası Türkiye-Yunanistan ilişkileri ise üçüncü bölümde değerlendirilmiştir.Çalışmanın sonucunda uluslararası sistemin günümüzde "Çok Kutupluluğa" doğru dönüştüğü belirlenmiştir. Avrupa'da tecrübe edilen borç krizinin Avrupa Birliği'nin kendini sorgulamasına neden olduğu, Almanya'nın süreç ve kriz yönetiminde ön plana çıktığı, Yunanistan'ın ise ulusal çıkarları doğrultusunda yaşanan borç krizini fırsata çevirerek içinde bulunduğu durumu Türkiye ile olan siyasi sorunlarında bir taviz aracı olarak kullandığı sonucuna varılmıştır. Her ne kadar 1999 Helsinki Zirvesi'nin ardından Türkiye ile Yunanistan arasında ekonomik ve sosyal yönden çok sayıda işbirliği yolu açılmış olsa da, Avrupa Borç Krizi sonrasında AB-Yunanistan ilişkisinin sıkılaşarak devam ediyor olması da açık bir gerçektir. Bu durum, Türkiye-Yunanistan ilişkilerinde Ege ve Kıbrıs gibi geçmişten günümüze taşınan siyasi anlaşmazlıkların uzun bir süre daha Avrupa Birliği nezdinde çözüme kavuşturulamayacağını ortaya koymaktadır. ABSTRACTTurkey-Greece relations are based on the fundamental insecurity in the historical process. This insecurity grew by consolidating with the Cyprus problem that emerged in 1950, and the problems between the two countries were tried to be resolved by realist point of view. At the Helsinki Summit in 1999. Turkey's relations with the European Union, the nomination was moved to a different dimension. In retrospect, dates throughout Turkey and many have been forced to fight the economic crisis as well as Greece. The most important of these crises; It is the global economic crisis that began in the United States in 2008, beginning with self-empowerment in the 21st century and turning into the European Debt Crisis with the last quarter of 2009. While many countries are negatively affected by this crisis, Greece has been the most damaged country in the EU. Soon after, the European Debt Crisis became Greece's debt crisis. In line with this conclusion, especially European Union countries, including many countries of the world under the impact of the possible effects of the European debt crisis based on this study has been prepared on the Turkey-Greece relations. In this context, analyzed within the framework of neo-realist theory of the Turkey-Greece relations in the aftermath of the European debt crisis with the independent variable that reveals the EU-Greece relationship and the dependent variable that shows the impact of economic crisis in Turkey-Greece relations. As a result of this evaluation, it was aimed to make an analysis at the point where the experienced political disagreements between the two countries, Cyprus and Aegean, could not be delivered. In accordance with this objective, the study is composed of three main sections. The first section of realism, neo-realism, and forming the framework of the first Turkey-Greece relations problems of the sub-study were drawn from the point of view of neo-realism. In the second part, forming the second sub-study problems with the reasons for the emergence of the European debt crisis and it is addressed to the effects of Greece and Turkey. The study constitutes the main research question after the European Debt Crisis Turkey-Greece relations have been evaluated in the third section.At the end of the study, it was determined that the international system is now turning towards "Polarity". Europe's experience as the debt crisis in the European Union caused the self-questioning, Germany's process and that came to the fore in crisis management, while Greece national interests in accordance experienced were in turning the opportunities of the debt crisis compromise the vehicle's political problems with Turkey as the result that we use as. Although the 1999 Helsinki Summit the following economic and social aspects of many ways of cooperation from between Turkey and Greece opened, though, it is an obvious fact that EU and Greece relationships continues to tighten after the debt crisis. This case shows that the political disagreements moved from the past to the present in Turkey-Greece relations such as Aegean and Cyprus cannot be resolved for a long time within the European Union.
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