It's been a relatively quiet start to the week for markets, but the Turkish election and economic forecasts in Europe have given us a lot to think about.Elections in Turkey have been front and center earlier this month, with the presidential race continuing with a runoff in two weeks. President Erdogan performed better than opinion polls had predicted, but fell short of the 50 percent needed to secure victory.The biggest winner is arguably Sinan Ogan, who gets 5.2% of the vote and can change the balance of the runoff depending on who he supports. That gives him enormous power as a potential kingmaker over the next few weeks.The result was a nasty surprise for Turkish markets, with the currency still down just over half a percent on the day. Erdogan's victory means more unconventional monetary policy, inflation and risk, all of which we have seen enough evidence of over the past few years.European Commission upbeat, but inflation remains a sizeable riskThe European Commission was more optimistic about growth this year, raising its GDP forecast for the bloc to 1% from 0.8% in February. A variety of factors contributed to the improved forecast, but it wasn't all good news, as it also predicted higher inflation, with core inflation a particular risk to the economic outlook.A highly resilient labor market both supports the economy now and risks going forward because it complicates the ECB's work to bring inflation back to target. All agree that the forecasts are positive, but as EU Economy Minister Paolo Gentiloni noted, "the risks remain too great to be comforted".Bitcoin Bounces Again, But Is There More Pain?In what could be an interesting technical test for the cryptocurrency, Bitcoin has recovered after falling below $27,000 late last week. It may still prove to be significant, but we're seeing some resilience again. It met some support around $26,000 but could be tested again, with $25,000 being the next big test below.