It is two years since I have posted with any regularity on this blog and 18 months since I have lived in Istanbul, a city that still fills me with joy and exasperation in more or less equal measure. Distance made it surprisingly easy—necessary perhaps—to detach from
And so the inevitable has come to pass. Turkey’s central bank has departed from its controversial commitment to a loose policy stance in the face of growing signs of overheating and vulnerability in the economy. The bank signalled yesterday that a phase of marked monetary tightening has now begun.
Earlier this month the German magazine Der Spiegel published a brace of articles about Turkey and accompanied them with a graphic comparing Turkey’s economy and those of a number of EU member states. A cursory glance at this graphic, which I’ve reproduced below, suggests clearly that