The G20 has to focus on finding solutions for the current financial problems, on increasing income equality and youth unemployment in the world.
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This analysis tries to evaluate the effectiveness of the G20 on changing the global financial landscape.
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The heated debate surrounding the monetary policy choices of the central bank and rapidly falling value of the lira vis-a-vis the dollar in recent weeks triggered a search for a new and production-oriented economic governance paradigm in Turkey.
Given Turkey's desire to be seen as an emerging power in the global political economic system there is an urgent need to revamp the governance network in a way that gives a greater priority to growth and development dynamics without jeopardizing financial/macroeconomic stability.
Syriza is a loose coalition of numerous radical leftist movements whereas the AK Party has been a strong and unified political movement constructed around Erdoğan's leadership.
Turkey could be very active in pushing for a better deal from the IMF and the World Trade Organization (WTO) for developing countries in the context of crisis prevention strategies and the advancement of the Doha Development Agenda.
Turkey's policy entrepreneurship within the G-20 has been weaker compared to similar middle powers, but holding the rotating presidency presents a golden opportunity to upgrade its activism in economic diplomacy platforms.
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Whatever the rating decisions on Turkey, it is essential that, as the next president of the G-20, Turkey brings the issue of the objectivity of rating agencies onto the global agenda.
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The fact that Turkey will take over the presidency of the G-20 from Australia on Dec. 1, 2014 is a critical development in terms of Turkey's ongoing efforts to establish itself as a major emerging power with a strong voice on global issues.
The 62nd government that was formed last week undoubtedly carried Erdoğan's seal as the majority of the previously-appointed ministers kept their posts.
Now as the prime minister, Davutoğlu will show his integrationist and internationalist character by placing a premium on macroeconomic stability and expansion of external economic links to stimulate exports and growth.
The discourse of "new Turkey" has repeatedly appeared during historical turning points of the Turkish Republic. It is used for the sake of different interests by local and foreign circles.
Once again, Turkey is bracing itself for an extremely tense and contentious atmosphere of political debate as we approach what is undoubtedly the most critical municipal election in recent years.
Along with Turkey's economic dynamism and developmental momentum, Turkish diplomacy is also likely to evolve in a parallel direction whereby economic and technological concerns take center stage with a focus on global competitiveness.
Although the 19th century was the European century and the 20th century was the American century, it is forecasted that the 21st century will transform into a more global century led by Asia.
One of the most severe pains of the 21st century will be the dissolution of the status quo in the Middle East which presented a luxurious world of geopolitics to the West and to those who kept guard of the regional order on behalf of the West throughout the 20th century.
That Turkey has not signed a new stand-by agreement with the IMF does not necessarily mean that Turkey IMF relations have come to an end.
In contrast to the weaker European economies, neighboring Turkey has managed to recover fast and exhibit positive signs that the economy is moving towards more sustainable growth rates while dealing with domestic vulnerabilities.
A Panel Discussion with Ibrahim Turhan, Peter Mandaville, and Cemil Aydin. On Friday, October 08, 2010, SETA Foundation at Washington DC, Ali Vural Ak Center for Global Islamic Studies, and Center for Global Studies at George Mason University, hosted Ibrahim Turhan, Deputy Governor of the Central Bank of Turkey and Peter Mandaville, Co-Director of Center for Global Studies at George Mason University. The event was moderated by Cemil Aydin, Director of Ali Vural Ak Global İslamic Studies Center at George Mason University.
Since 1960, nineteen Standby arrangements have been signed. With these agreements, significant progress has been made in Turkish economy: inflation has fallen to the lowest level since 1986, the public debt-to-GNP ratio has been falling, and interest rates have declined rapidly. IMF’s immediate goals concern exchange rate stability and balance of payments, and evaluations of IMF programs tend to concentrate on these two objectives. Yet, whether or not the IMF programs have positive effects on these short-term goals, what ultimately matters is that they induce economic growth and do not concentrate on incomes.
We are currently living in a state of uncertainty under which we are not clear as to whether the expression “Turkey is having an election on July 22” is a mere assertion or a decision. Apparently not every decision to hold elections naturally leads to an election atmosphere.