Turkey

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Atatürk, who established the Turkish Republic in 1923 after his forces defeated the occupying allies, favoured the political and economic structures of the West. An era of political secularism began, which continues to be defended today.

Ankara was declared the country’s capital in 1923.

Turkey joined the Council of Europe in 1949 and signed an association agreement with the European Community in 1963. A customs union with the EU took effect in 1996, and EU access negotiations were opened in 2005.

Istanbul on its own has an economy equal to that of Hungary.

The country’s large current-account deficit and heavy dependence on short-term capital inflows make the economy vulnerable to changes in investor moods.