Turkey’s hopes of joining the European Union appear to be on hold for now, since the country failed to meet the economic criteria in 2007, reports Fresh Plaza. The average inflation rate of EU members is 2.4%, while the consumer price index was 8.8%. The maximum allowed is 2.8%.
There are five criteria needed by European countries seeking EU membership, laid out in the Treaty of Maastricht. They include a low inflation rate, a low budget deficit and a low long-term interest rate.
TUR hit a high on Aug. 4, but since then has dropped 29.7%. Since its April 1 inception, it’s down 16.4%.