What the EU can learn from Turkey

  Date posted: 11th of May 2012

Turkish Prime Minister, Recep Tayyip Erdogan has said that Turkey is an example for the rest of the EU, and that the EU can learn from Turkey how to defeat the immediate impact of an economic crisis and how to continue economic growth.

Erdogan was speaking at the “World Turkish Entrepreneurs Council” in Istanbul on Saturday. He said that all world nations “that are now feeling the heavy effects of the global financial crisis and paying the price because of it should carefully analyse Turkey’s experience. We are now standing sound on our own two feet, taking measures in advance and decisively implementing them without heeding their political cost.”

Erdogan went on: “We are going to continue taking measures and decisively implementing them. We will never make concessions on our monetary and fiscal policies and never take a step that would make private and finance sectors uncomfortable or harm the trust toward us.” Turkey has recovered tremendously well from two financial crises in the early 2000s to record one of the strongest growths of economy in the world in 2010, expanding by 8.9 percent and a further 10.2 percent in the first half of 2011 while the rest of Europe is seemingly crumbling under the pressure of the failing Euro.

The Prime Minister also warned Europe and the US against printing money without backing, to help the crisis in the short term. Erdogan said: “Do you know what the most important part of our policy was? Look, the kind of problems in the US and Europe are because they printed money without backing but we did not because we deemed it modern robbery. It is so because it is nothing but stealing money out of people’s pockets in a modern way. We never resorted to it and our currency appreciated thanks to that.”

The Turkish economy is currently doing considerably well compared with the rest of Europe. The Turkish economy is stable and secure; Turkey is a country on the rise while the EU is seemingly spiralling deeper into economic trouble, Turkey is real example for the rest of Europe on how to expand and grow a nation at a great rate.