Addendum to Hurriyet column

While posting my latest Hurriyet column to the blog, I had criticized the Bank for staying quiet on the recent fiscal fiasco. I should have waited a while longer.

In the summary of the latest MPC meeting, which went unnoticed by the major research houses I get emails from, the Bank does indeed raise its concerns over fiscal policy in general and the fiscal rule in particular- here's the news piece from business daily Referans if you do speak Turkish.

But good friend (or rather abi), who also happens to be an economist I have great respect for, Atilla Yesilada was making the point that the warnings do not really matter in practice because the CBT basically would not have the guts to raise rates before the elections. Point well taken, but I still think that having said something is better than having said nothing:)....