As Manchester United’s Cristiano Ronaldo discovered in Moscow in May the twisting path from being a hero to potential super villain and back to hero can be very short. The man who is arguably the world’s best footballer scored a goal, missed a penalty but ended on the winning side at the Champions League final against Chelsea. Durmufl Yilmaz, governor of the Turkish Central Bank (TCMB) and arguably the best macro-manager of the economy the country has, might care to take lessons on how to achieve the same rapid transformation. The bank and its boss have gained many plaudits for shepherding the monetary measures that slashed inflation rates of three figures to single digit levels. The TCMB at one time even forecast the level would fall to 4% this year, an event as likely as sacked Chelsea manager Avram Grant getting his job back. Measured by the consumer price index
