Average euro zone inflation was a provisional 0.7% in October, much weaker than the ECB's official target of "close to but below 2%". It is not just the low level of inflation that has been a concern for the Bank, but the rapid decline in recent months: between July and October the rate fell by 0.9 percentage points, from 1.6% to 0.7%.
It seems slightly absurd to claim that Carney, Bernanke, Draghi and a few others can pre-empt the economic behaviour of almost seven billion individuals, but this is what they are apparently able to do. It is argued that only central bankers can save us from permanent economic stagnation. This is despite the fact (yes, the fact) that so many of them worked for the banks that destroyed our economies in the first place. Who, exactly, is in control right now?
In recent months, there has been a series of strikes in mining operations across the country that has dragged down the country's output massively. Industrial production fell by a whopping 7% in Q1 of this year and the on-going dispute between the unions and multinational mining operations over pay looks to drag on in perpetuity.
Recent economic indicators suggest that at least some of the risks to the Turkish economy that built up in 2010-11 have started to ease. Although this improvement may be partly due to external developments outside of the control of the Justice and Development Party (AKP) government, much of the rebalancing process has been policy-induced.
At its inception in 1945, the IMF was disputed by two rival tendencies. The British group, led by the brilliant economist J Maynard Keynes, envisaged an organisation which would act to regulate capital flow world-wide in order to cap national deficits, and so avoid the employment crises and economic collapses which had wracked the world economy of the 30s.