Yalcin Karatepe is deputy chairman of Turkey's opposition Republican People's Party (CHP) and the shadow minister of treasury and finance.
In contemporary Turkey, the erosion of institutional predictability has rendered conventional economic analysis obsolete. What the Erdogan administration continues to portray as transient volatility is, in fact, the structural manifestation of a political regime whose discretionary governance now permeates every aspect of macro financial management. The detention of Istanbul Mayor Ekrem Imamoglu was not a discrete judicial episode, it was the public exposure of a deeper governance dysfunction, one that markets have already begun to price in as a permanent feature.
