Ms. Erkhan is now Turkey's first ever female central bank governor. She was an executive at both Goldman Sachs and First Republic. Investors have seen her appointment as a very positive signal. But they also expect these appointments to be backed up by real policy changes.
Conflict in Ukraine has cut short the “peace dividend” the world was reaping. We count the economic costs of a widespread return to a war footing. President Recep Tayyip Erdogan’s appointment of two economic realists should, at last, overturn Turkey’s upside-down monetary policy—if they are free to act. And why so many whales are washing up dead on America’s East Coast.
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