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S. Fatih Ozatay says when the wheels fell off the Turkish economy in 2001, it was a wake-up call. "After the crisis there were problems to be attacked ? lack of credibility, and a floating rate regime which nobody was familiar with. [Exchange rates] had been managed before that."

Determined to attack the root of the problem, Ozatay says, Ankara decided to make the independent central bank "as transparent as possible to the markets...

We released long press releases each month to explain that month's inflation. In the background there were the new discipline and reforms, supported by the IMF, but a highly indebted country is vulnerable to the market."

"By August 2001 we had made some progress, then September 11th happened," Ozatay says...

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