The output effect of fiscal consolidations when government debt is at high levels has been at the core of economic policy discussions in the aftermath of the global financial crisis. This note shows that what matters for the effect of fiscal consolidation on output is not only the level of government debt but also the level of risk that stems from it. The currency composition of debt and the spillover ...

This policy note discusses the extraordinary measures that can be implemented in order mitigate and isolate the aforementioned negative economic consequences of COVID-19.

The Cyprus problem or non-resolution of it that has been haunting the Turkey-European Union (EU) relations for so long. Apart from being the Democles’ sword in the aforementioned relations, the problem continues and even evolves to an escalating conflict in the EU itself which would be a bit discreditable for a Union whose most important and successful aspect is being a peace project.

This policy note will shed light on the extent of COVID-19’s toll on the real economy and the economic contractions to be expected in 2020, considering that the period lasts a few quarters but one quarter. Taking into account the “sudden stop” dimension on the real economy, the indispensability of global cooperation with a “transparent and reliable program framework” will be underlined, proposing a ...

COVID-19 in Turkey is spreading faster than amongst its peers. The current figures should not mislead anyone. In the last five days, the number of cases in Turkey increased by 384 percent, and the fatalities caused by the virus rose by 191 percent. It is striking that, for the past five days, the spread of the virus in our country is above the world average. The increasing rate of COVID-19 overtime ...

The European Court of Human Rights (ECHR) publicly announced on June 12, 2017, an important decision which would greatly affect the legal developments that which have taken place following the July 15 coup attempt. In this unanimously given decision, which was made on an application of a primary school teacher who was dismissed from work by a decree-law issued under the state of emergency (SoE-DL), ...

Turkey-European Union (EU) relations may have had a convoluted and complicated trajectory, but it is probably fair to say that the two parties have reached a degree of integration and interconnectivity that would allow neither side to run the engagement into the ground. Embarked on more than 60 years ago with the eventual prospect of full membership, these relations have encountered many ebbs and ...