There are times when conventional wisdom is best ignored and unconventional approaches, however roundly they are criticised at the time, prove to work well in the long run.
Arguably one such example is the unconventional approach adopted by the Turkish central bank, which for the past 18 months has been effectively conducting monetary policy through the banking system via a neat juggling act with interest rates and reserve requirements. Much criticised last year, the policy is now being widely praised.
