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.

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.

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.

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.

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.

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 62nd government that was formed last week undoubtedly carried Erdoğan's seal as the majority of the previously-appointed ministers kept their posts.

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.

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.

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.

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.

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.

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.

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.

This analysis tries to evaluate the effectiveness of the G20 on changing the global financial landscape.

As the Middle East continues to be dominated by age-old rivalries, unresolved conflicts and protracted ethno-sectarian traumas, the epicenter of global hegemonic competition has shifted to the Asia-Pacific, where China and the U.S. are involved in a multipronged struggle for political, economic and geostrategic domination.

The austerity program imposed on Greece as a solution to its deep economic crisis has transformed into a threat to the entire eurozone.