A brief history of Central Bank independence in Turkey
The recent tug of war between President Recep Tayyip Erdoğan and Central Bank Governor Erdem Başçı over Turkey’s monetary policy has inflamed debate on the independence of the Bank. The struggle has been interpreted as the latest battleground in Erdoğan’s bid to bring all decision making into his own hands, but it should also be considered as part of a longer-term process – as the prudent economic policies followed during the AKP’s early years are jettisoned in favor of short-term populist measures.
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