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Oktay Yılmaz
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When does a disinflation programme start to work?

A studio discussion on how disinflation programmes interact with the political calendar, how the expectations anchor is built, and the limits of policy communication.

Programme
The Economy Desk
Channel
Panorama TV
Air date
August 12, 2026
Topic
Monetary policy and expectations

Three points from the programme:

  • The patience budget. Tightening costs arrive in the first quarters, benefits arrive late. Most programmes end not for technical reasons but because that lag cannot be carried politically.
  • One target. Targeting the exchange rate, growth and inflation at once leaves it unclear which is sacrificed — and the ambiguity is priced as risk.
  • The limit of communication. Communication cannot substitute for consistent behaviour; it can only make it visible.

Programme photographs

Studio shot
From the programme studio.
On-screen data chart
The expectations survey chart used on air.
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