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Makale Özeti:
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Economic Monetary Union (EMU) which is qualified as the last rang of the
economic integration process of the Union of Europe makes necessary the abolition of all
kind of restrictions agains the free circulation of capitals within the union, the realization of
the convertibility and a complete warranty about the protection of this convertibility and
the annulation of the bank exrenses in currency exchanges, For this purpose the fact that
European Monetary Union can not be reached only with decisions and measures, but with
the installation of the of the basic stable labour mechanisms, permitted the foundation of the
Europen Monetary System (EMS) on the 13th of March 1979 which has aimed a crention
of a stable monetary field. Nowadays, the conditions of the participation to the monetary
union in Europen Monetary System, have been defined with the Maastricht (Konvergenz)
criterias. When these criterias are considered, the four countries to enter the monetary
union are Denmark, Ireland, Luxemboury and Nederland. The situation of Turkey is very
critical. If we take in consideration its inflation and interest rates. Neverthless when we take
a look at the statistics for the period 1990-1996, we can see that Turkey has fully observed
the state debts criterias and has almost renched the budget deficit criterias. But Turkey has
not had the same performance in the public deficit criterias. The public deficit ant national
income rate is 9.6 percent and it is twice of the European union average.
The fact that Turkey could be in harmony with the criterias for EPB concerning
the interest rate and currency rate stability depends on the change of politics in public
financing system which gets interior debt. In this way the increasing effect of the interest
rate of the interior indebtment would be limited and short term capitals would not effect
negatively the competitive power of currency rate. So it will be possible for Turkish Lira
to maintain its real value in front of the foreing currencies in a stable manner.
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