Turkey’s All-Out Diplomacy

Source:Carnegie Europe Date:24Oct2018

Marc Pierini calls the spade a spade, by reminding Ankara that foreign policy successes will not substitue for sound economic management:


The first is that Turkey’s economy is on a cliff edge and needs massive refinancing. This should normally come from the IMF, but that is an unpalatable option for Mr. Erdoğan in political terms. Whatever the vehicle, Turkey is facing hard choices: its economic and monetary policy needs to leave fantasy land and return to more conventional policies, starting with interest rates. The German economy minister is travelling to Turkey this week with a delegation of 80 business leaders—let’s see the outcome of that visit. Turkey cannot expect great improvements in its dealings with the EU and European businesses, who remain Ankara’s core partners, without progress on the rule of law.