With its ongoing economic transformation spanning nearly half a century, Turkey has managed to stay on a high-growth path in spite of recurring financial crises and political instability, and in recent years, particularly the period following the 2002 parliamentary elections, its economic growth rate has accelerated, boosted by positive developments with respect to its full membership prospects in the European Union. While challenges remain in view of the global financial crisis and the economic slowdown that started in December 2007, the Turkish economy is still vibrant and poised for new restructuring initiatives to further accelerate the modernisation process. Was the prospect of full integration with the EU the driving force of Turkey’s ongoing economic transformation and growth since the early1960s? Has the gap between the Turkish economy and the economies of the European Union narrowed as envisioned by the Ankara Agreement? Or, more specifically, is the state of the Turkish economy still an issue for the EU in comparison to the time when Turkey had not yet been recognised as a candidate state?