Here is the Opportunity for Turkish Stream!
When we examine the media outlets that can be described as flagships of Atlantic-centric perspectives, it’s rare to find a day without an expert opinion or report raising alarm signals for the European economy.
These articles and reports, based on serious economic data, are written from within Europe itself and do not have the nature of propaganda. To put it another way: the articles serve the interests of the Atlantic or Europe within the context of the polarization between the Atlantic and Eurasia. The aim is not to disparage Europe but to rescue the Old Continent from its current crisis by describing the objective situation and encouraging the necessary measures.
Given this, how could we not believe these articles and reports?
Alarm Signals in the European Press and Reports
Germany’s renowned economic research institute, IFO, titled its September 5th report, “German Economy Stuck in Crisis.”
Jeremy Warner, writing for The Telegraph on August 25, 2024, stated that “no one would deny the huge challenges facing the UK economy, particularly regarding public finances. The national debt has reached almost 100% of GDP, and there is little sign that this deficit is being brought onto a sustainable path.” He further points out that while Germany’s national debt burden is lower than the UK’s, its economy is either stagnant or growing only slightly.
Figures from France’s Ministry of Labor, Health, and Solidarity show that the labor force participation rate for the elderly, specifically the 55-64 age group, increased from 32% in the early 2000s to 56.2% in 2021. The government’s goal is to increase the participation rate for the 60-64 age group to 65% by 2030, with the 2022 rate being 36.2%. In other words, the target is to nearly double this figure.
The German Chamber of Industry and Commerce published the results of surveys conducted with companies between June 10-30, 2024. A recurring theme was complaints about Germany’s deindustrialization and the perceived lack of action to address it.
The economic struggles of the European Union have also reached its diplomatic network. According to The Financial Times, the EU is cutting back on its diplomatic resources due to funding issues.
Ongoing discussions in the European press about the closure of Volkswagen factories in Germany further highlight these challenges.
These examples could easily be expanded upon, with new developments being reported daily.
Additionally, these economic difficulties have been clearly reflected in recent elections in two German states.
Energy Crisis Deepens
While Western economists and financiers focus on the causes of the crisis, many are pointing to its structural roots. The pandemic and the Ukraine-Russia conflict are, of course, top factors.
However, the focus of this article is Europe’s energy crisis. The sanctions imposed on Russia have backfired, impacting Europe more than Russia. In fact, this seems to be a case of deliberate wishful thinking…
Europe has sacrificed cheap, fast, and reliable energy for the sake of U.S. interests. Moreover, the explosion of the “Nord Stream 2” pipeline—which could have boosted European industry post-pandemic—was either overlooked or actively sabotaged.
In short, Europe cannot resolve its economic crisis without addressing its energy problem. Indeed, the energy crisis could spark social movements and shift political dynamics. We are already witnessing the early signs of this.
The Growing Importance of Turkey as an Energy Hub
We have long stated that sanctions against Russia could create significant opportunities for Turkey. With the right policies, Turkey could become a center for energy, trade, transportation, tourism, and finance. In fact, both President Tayyip Erdoğan and President Vladimir Putin have acknowledged that Turkey could become an energy hub.
This topic is now more relevant than ever:
The war does not seem likely to end soon. Even if it does, the sanctions are unlikely to be lifted immediately. The world may need to adjust to this new reality for the long term, and it could take Europe a significant amount of time to reverse this course—if at all.
The economic crisis in Europe is deepening. European industry and the economy cannot afford to wait for political changes.
The Turkish economy is also in a serious crisis and needs new avenues for growth.
An Erdoğan-Putin meeting at the BRICS summit is on the horizon, followed by a potential visit from Putin to Türkiye. This presents an important opportunity to discuss these issues.
Evaluating the Opportunity
In this context, Turkish Stream emerges as a significant opportunity. Turkey could become a hub, delivering Russian gas to Europe. Despite previous tensions, Europe may well reconsider its stance and begin drawing gas from Turkey. This would benefit everyone.
Not only would this enhance Turkey’s economic position, but it would also strengthen its political influence vis-à-vis Europe. Additionally, it could improve Turkey’s bilateral relations with the EU and lead to a shift in Europe’s political perspective towards Turkey.
