Turkey is set to begin the EU membership negotiations in October 2005.
This is probably the single most important outcome from the EU summit last week, though its significance was somewhat overshadowed by a conflict over the divided island of Cyprus.
The membership negotiations will be open-ended, but the target is full-membership as opposed to the much debated “privileged partnership”.
The conflict over the Cyprus issue was resolved at the last minute with the Turkish side conceding verbally to formally recognize the Greek Cypriots albeit indirectly.
After the solid developments on IMF and EU fronts, the Central Bank reduced the O/N borrowing rates by 2 percentage points to 18%.
Turkish Bulletin – December 20, 2004 (Acrobat Document : 155.3 Ko)
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