"The purpose of the paper is to study selected aspects of Turkish accession to the EU. Joining the EU will require that Turkey attain macroeconomic stability, adopt the Common Agricultural Policy, and liberalize its services and network industries. Integration will boost allocative efficiency in the Turkish economy, which in turn will make the country a better place to invest. Furthermore, Turkey will reap the benefits from monetary integration and from the migration of labor to the EU. But the welfare gains will have a price which will be the adjustment costs associated with the adoption of acqui communitaire. Finally, the paper considers the effects the accession will have on the EU in terms of migration and budgetary effects"-- Economic Research Forum for the Arab Countries, Iran and Turkey web site.