Our analysts do not believe that all the players want to debase their currency. Monetary policy is a part of geopolitics which is why currency exchange rates matter for international relations and the international position of a country. Since Brussels thinks Turkey has become indispensable to maintain a relative calm in Europe, President Recep Tayyip Erdogan can demand whatever he wants from the European elites. And since the falling Turkish lira has become a burden for the Turks, why not ask for what is most important in the European Union: the euro. Eurozone membership without EU membership seems to be unimaginable, but for the successor of the Ottomans nothing is impossible.

Having the euro – a strong, reserve currency – can be advantageous to a country for which the EU is the biggest trade partner. Introducing the euro would be proof of internal success and could increase Turkey’s status in the region. And finally, once you have the euro, what could stand in the way of full EU membership? Subscribe To Gefira or download your copy.