I first met this word in the article on Paul Volcker's interest rate hike. Now Turkey raised the interest rate to avoid the high inflation.
While Volcker's hike was so quick that the unemployment rate was not even higher than had been expected, Turkey's unemployment rate has already been 9% or 10% high.
Can Turkey exploit the Volcker's legacy? Can the Turkey's and the other Euro economies get damaged? Can this hike lead to turmoil? It doesn't sound good to me..