COUNTING BLESSINGS. Pandemic life is tricky for central bankers everywhere. Turkey on Thursday showed how much trickier it can be for some. Its central bank raised a key policy rate by 2 percentage points, twice as much as expected, to 19%, the highest of any major developed or emerging economy. By contrast, the Bank of England left rates at a record low of 0.1% and made clear it wouldn’t be hiking them any time soon. Turkey is paying for past errors that cost it credibility and let inflation accelerate to nearly 16%, over three times its target. In the UK, prices have been rising too slowly rather than too fast. And even if they overshot for a bit, public and market expectations of inflation remain firmly anchored. The contrast explains why using monetary policy to support economic recovery is a luxury not available to all. (By Swaha Pattanaik)