1. Why Azerbaijan needs a Strategic Reform of its foreign policy towards the European Union?
- Author:
- Cristina Juan Carrion
- Publication Date:
- 04-2016
- Content Type:
- Research Paper
- Institution:
- Center for Economic and Social Development (CESD)
- Abstract:
- During the course of 2015 Azerbaijan suffered the impact of two devaluations of the national currency, Azerbaijani Manat (AZN), due to the decrease of the world oil prices. Given that oil and natural gas accounts for more than 90% of Azerbaijani exports, continued low world oil prices had a critical negative impact on the Azerbaijani economy. The current situation has led Azerbaijan to establish new priorities that could help restructure the financial system at this critical moment. The drastic change in the economic outlook of the country has created the need to open a wider window to the European Union (EU) in order to overcome the current economic downturn.
- Topic:
- Finance and Financial Markets
- Political Geography:
- Azerbaijan