Current Economic Issues and Dependencies within and without Europe
After the end of the Cold War, globalisation brought interdependence in international relations because of developments in the social, economic, commercial, political and cultural ﬁelds. Today, it is seen that economic dependence in international relations has prevented military and political independence. Relations between the European Union (EU) and Turkey are an example of this dependency relationship. The European Economic Community (EEC) was established in 1958 and Turkey applied for associate membership of EEC in the July 31st , 1959. Tensions reached new highs after the European Parliament voted in favour of a temporary freeze on negotiations in the November 24th, 2016. However, despite facing multiple challenges in political relations, Turkey and Europe are highly dependent on each other economically. With all its complexity and layers, this dependency has increased rapidly since 2013. Migrants ﬂeeing from the Syrian War, the Middle East and African countries to Europe have only increased the interdependence between the EU and Turkey. In this study, economic and trade relations between the EU and Turkey are discussed in detail. Various economic indicators are revealed by the economic and commercial relations between the two actors. The European economy as well as the migrant crisis are also examined in the context of relations between the EU and Turkey. It is evident that the EU and Turkey are economically dependent on each other. For this purpose, the EU - Turkey Readmission Agreement and the speculative attacks on the Turkish Lira are examined. The Turkish economy experienced a diﬃcult period in 2018, with the lira losing over 40 per cent of its value since the beginning of the year. The crisis with the US and President Trump’s decision to impose sanctions and implement trade tariﬀs against Turkey further hampered the Turkish currency. Unexpectedly, the EU and the majority of its members said that they were in favour of Turkey’s economic stability. Emphasising that it was in everyone’s interest that the country remained economically stable, Turkey engaged in intense diplomacy with its allies from around the world, garnering their support for the beneﬁt of all partners. The methodological basis of the paper is comparative analysis, as well as statistical analysis of economic data.