In 1994 Austria, Finland, and Sweden became members of the European Union. By 1997 more than a dozen countries had applied for European Union membership, but the European Union had only admitted the three listed above. The other countries that applied for membership include Turkey, Cyprus, Malta, Switzerland, Hungary, Poland, Romania, Slovakia, Latvia, Estonia, Lithuania, Bulgaria, and the Czech Republic. Of those countries, six are considered associate members of the European Union: Bul

member states, and border controls were also eased.

Consumers will benefit greatly from the common currency. Some of the benefits include: reduced costs for traveling to other countries; easier and less expensive transfer of funds to other countries; increased competition between businesses, which will lead to lower prices; low interest rates; and more economic growth, which will lead to increased job security. The European Union has recognized that the translation of values to the euro will be confusing to the public, so considerable efforts will be made by private operators and public authorities to make it as easy as possible for the people. The main entities that will have a disadvantage from the transition to a common currency will be the companies, large and small, that have failed to adequately prepare for the changes.

The use of a common currency will allow easier price comparisons in the member states. By eliminating the currency exchange risk, economic and monetary union will bring more business and trading potential to commercial companies, especially small and medium-sized business processes of foreign exchange transactions. Large European companies will have a reduction in a lot of their costs, mainly in the processes of foreign exchange transactions.

Turkey’s population is almost 80 million, since the foundation of Turkey Republic in 1923, the population has increased almost 5 times. I believe 90% of these people can’t wait Turkey to join the EU. Turkey’s relationship began with EU in 1963, country was in the first group to apply, unfortunately it postponed to 1987 because of political, economic and human rights reasons. Turkey’s request made progress over the years until the Helsinki Summit in December 1999. At that meeting, EU Gover

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