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Since 1957, the European Economic Community (EEC) has made impressive strides in achievin its economic and political external tariffs, and relatively free movement of factors of production. However , Community’ monetary union seems to be much more of a trouble area. Although EMS seems to have the role of internal and external price stability, the obligations put forward seems to be beyond the tolerance of some member states. Under EMS, the ECU have four functions ; work as a part in the excange rate mechanism that is to show relative currency valuation of member states ; functions as a unit of account in transactions ; it is a momentary unit of the Commission’s budget; and it is a symbol of the EC full integration.
While efforts towards 1992 are moving under the rules set by the Single Act, drastic political changes are occuring in the region. Recent changes in Eastren Europe seems to complicate the economical and political relations of the existing members. Beyond these developments, on April 14, 1987, the Turkish goverment applied for EC full membership. On Dec. 14, 1989 the EC told Turkey that membership would have to wait at least till 1992. In the mean time , the Comission proposed the formation of a custom union between Turkey and EC and the reactivation of the existing Financial Protocol.
Towards this end, there has been several analysis done related to competitiveness of Turkish economy in the formation of EC- Turkey customs union. However , if Turkey seems to be taking steps towards full membership, EC experience show us that a monetary union seems to be more burdensome than any other aspect pf integration.
Our first purpose is to outline the history of the EMS (Section I). Next, we examine the main features of the EMS (Section II). Then, we expand on these features and describe the technicel aspect of its mechanism (Sectin III). After this, we expand on the economic and technical framework by an analysis of the working of the EMS, showing the strengths and weakness that practice has revealed and lastly we five an account of some proposals for the proper functioning of the EMS taken up to date (Section IV). In the final section, there is an emprical analysis for Turkey to see the results of pegging TL to the ECU rather than US dollar (excepting as the current situation) and after that , to forecast : the Turkish exports in 1992.
In this study, we have the modest goal estimating the value of Turkish Lira in terms of US dollar and ECU to compare the value of TL under pre-integration and post-integration scenarios. The final contribution will be related to the impact of monetary integrations on Turkish exports , which is very crucial in her development.