Investors in Turkey will be nervously waiting to see if President Erdogan can persuade President Trump at the G20 to approve Turkey’s purchase of a Russian missile defence system, lifting the threat of punishment by the US. In the meantime, recent moves by the Turkish government raise further concerns over the credibility of fiscal policy and increase the risk of a fresh build-up of macro imbalances. Elsewhere, the National Bank of Hungary appears to be basing current extremely loose monetary conditions on overly-optimistic macroeconomic forecasts.
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