The Turkish currency and debt crisis of 2018 was caused by the Turkish economy's excessive current account deficit and foreign-currency debt, in combination with Erdoğan's increasing authoritarianism and his unorthodox ideas about interest rate policy. Economist Paul Krugman described the unfolding crisis as "a classic currency-and-debt crisis, of a kind we’ve seen many times", adding: "At such a time, the quality of leadership suddenly matters a great deal. You need officials who understand what's happening, can devise a response and have enough credibility that markets give them the benefit of the doubt. Some emerging markets have those things, and they are riding out the turmoil fairly well. The Erdoğan regime has none of that".