Evaluation of Turkey's integration with the European Union in terms of Maastricht criteria

The European Union aims to achieve a non-inflationary sustainable growth and increase the standard of living. The single currency, which is considered an important step in the context of economic and monetary integration, was introduced in 1999. Criteria for achieving economic and monetary stability and sustainability are defined under the Maastricht Criteria (Economic Convergence Criteria). Maastricht Criteria include requirements related to inflation rate, long-term interest rate, budget deficits, public debt and exchange rates, and these requirements must be met by candidate countries in order for them to achieve economic convergence. After Turkey joined customs union, it began full membership negotiations with the EU. Chapter 17 on Economic and Monetary Union was opened to negotiations in 2015. Turkey's membership depends on developments achieved during negotiations. Factor analysis, one of quantitative research methods, was employed to compare Turkey's performance with member states' performance within the framework of Maastricht Criteria. According to the results of the analysis conducted on 2006 and 2016 data; it was determined that Turkey did not converge to member states on monetary issues, including long-term interest rates and inflation rate, whereas in financial matters, including the budget deficit and government debt indicators, Turkey showed a successful performance compared to many member states. It was concluded that Turkey was not shaken up by the global economic crisis of 2008 as much as EU states did by the courtesy of fiscal discipline it adopted, and that all liabilities that need to be undertaken by Turkey for full membership, primarily Maastricht Criteria, formed the basis of economic stability in Turkey. In this context; it is proposed that the Maastricht Criteria should not abandoned and the negotiations should be continued with a result-oriented approach. Keywords: European Union, Turkey, Economic and Monetary Union, Maastricht Criteria.