For Gazi Ercel life at the helm of the Central Bank of the Republic of Turkey has been a fast moving sequence of spectacular pursuits and narrow escapes, sea changes and dire straits, hair- pin bends and sharp drops. His may well be the greatest adventure in the history of central banking. To start with, in just over four years as central banker he has worked with five governments and 11 economy ministers. Meanwhile, the Treasury lost five secretaries general, and may be on the verge of losing the incumbent, Selcuk Demiralp, who has been rumoured to be on the point of resigning for months.
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