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A central bank's words have power. Three of them ("whatever it takes") calmed the euro area's debt panic in 2012.
央行的話語頗具有分量。2012年，其中三家（“竭盡所能”）平息了歐元區(qū)的債務恐慌。
Another few (the Federal Reserve mulling a "step down in our pace of purchases") started the taper tantrum that upset emerging markets in 2013.
2013年，另外幾家（美聯(lián)儲考慮“放慢購買步伐”）開啟了令新興市場不安的縮減恐慌。
What is left unsaid can also be powerful. After its interest-rate meeting on April 25th,
剩下沒有發(fā)言的仍很有影響力。4月25日利率會議后，
Turkey's central bank failed to repeat eight words that had been included in each of its seven previous statements:
土耳其央行未能重復此前七份聲明中包含的八個詞：
"if needed, further monetary tightening will be delivered".
“如有需求，將出臺進一步的貨幣緊縮政策”。
The omission cast doubt on its commitment to fight inflation, which was almost 20% in the year to March.
這一遺漏讓人懷疑它對抗通貨膨脹的承諾，截止三月，其通貨膨脹率將近20%。
In response, the lira fell by more than 1% against the dollar. It has fallen by 11% this year.
作為回應，里拉兌美元下跌超過1%。今年已經(jīng)下降了11%。
The mishap was an uncomfortable reminder of last summer's currency turmoil, when the central bank
這一災禍使人想起去年夏天的貨幣動蕩，當時中央銀行
(browbeaten by Recep Tayyip Erdogan, Turkey's president) failed to raise interest rates swiftly enough to prevent a collapse in the currency.
（受制于土耳其總統(tǒng)雷杰普·塔伊普·埃爾多安）未能迅速提高利率阻止貨幣崩潰。
But the parallels should not obscure what has changed in the interim. Turkey's economy is better balanced now than it was then.
但這些相似之處不應該掩蓋其中的變化。土耳其現(xiàn)在的經(jīng)濟比之前更加平衡。
In September the central bank reasserted itself, increasing interest rates to 24%, where they have stayed since.
九月，央行重申自己跌立場，將利率上漲至24%，自此之后一直保持該水平。
The combination of tighter money and a cheaper currency curbed import spending and encouraged exports.
貨幣緊縮和貨幣貶值的組合抑制了進口支出，鼓勵了出口。
As a result, Turkey's current-account deficit has narrowed far more swiftly than even the government had envisaged.
因此，土耳其經(jīng)常賬目赤字的縮減速度比政府設想的要快得多。
Although its import bill is hardly the only claim on its foreign earnings (its banks and firms must also service heavy external debts),
雖然其進口賬單并不是海外收益的唯一要求（其銀行和公司也必須服務于沉重的債務。）
the lira was relatively stable from December to February.
但從12月至2月，里拉相對穩(wěn)定。
Local elections in March were supposed to bring a similar stability to politics,
3月的地方選舉本應給政治帶來類似的穩(wěn)定，
concluding a maddening cycle in which Turks marched to the polls seven times in five years.
結束土耳其人5年7次的瘋狂選舉循環(huán)。
Instead, the weeks before and since have done the opposite, unsettling both Turkey's politics and the markets.
相反，前幾周和之后的幾周卻適得其反，讓土耳其的政治和市場都感到不安。
Mr Erdogan's party, which lost in most of the country's big cities, has so far refused to accept its narrow defeat in the Istanbul mayoral contest.
埃爾多安所在的政黨失去了該國的大部分城市，到目前為止，該黨拒絕承認在伊斯坦布爾的選舉中以微弱優(yōu)勢落敗。
Citing alleged irregularities, it has asked for a new vote.
該黨以涉嫌違規(guī)為理由要求重新投票選舉。
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