While Turkey‘s markets and related exchange traded fund (ETF) are turning around, the country’s economy is still struggling. That has some wondering what it’s going to take to land Turkey a spot in the European Union.
Negotiations between Turkey and the EU regarding possible membership have stalled at a time when the EU is suffering from “enlargement fatigue,” internal divisions, strengthening nationalist sentiments and ineffective policies, reports Benjamin Katcher for World Politics Review. Europeans are also concerned about the costs of including a large and relatively poor country into their union.
Membership negotiations began in 2005, but talks have slowed because of Turkey’s lack of reform programs and popular opposition to Turkey’s bid. The EU claims that Turkey falls short of EU standards in judicial reform, civil-military relations, human rights and press freedoms.
However, Turkey can offer some benefits such as its army, which is the second-largest in NATO, and the incorporation of a Muslim country could help integrate the growing Muslim minority in Europe.