MAASTRICHT CRITERIA, MONETARY UNION AND TURKEY

Abstract

The Maastricht criteries, which are considered to be European Union agreements and
regulate the stages of economic and monetary union, the economic and monetary policies to be
followed at these stages and the institutional changes needed to implement them, regulate the rules
that member states are obliged to obey and that certain sanctions are imposed. The differences
between the countries since its establishment that are structurally and economically diverged have
always resulted in the questioning of the union. The most important countries in the union did not see
the union as an institutional or financial cohesion, and therefore it led to the gradual dissolution of the
union of other countries to overthrow the debt burden of some countries. The decision that the UK has
taken to leave the union with a referendum held in 2016 supports this notion. It is expected that other
union countries which are strong economically and politically in the long term will resort to such a
way by taking this decision as an example. In this study, Maastricht criteria will be explained, the
concept of monetary union and the suitability of countries including monetary union to Maastricht
criteria will be questioned and considering the current situation of the union after the departure of the
United Kingdom, the positive and negative aspects of Turkey's inclusion in the Union will be
discussed.