While we were waiting for international credit rating agency Fitch's evaluation of Turkey last week, another credit rating agency, Standard & Poor's (S&P), lowered its outlook for the country. Then, its expected downgrade of Turkey's sovereign rating came.

However, their expectations did not come true on Monday. The Turkish lira started the week with appreciation and the stock exchange began rising.

We must note that both credit rating agencies have striking reasons for downgrading, however, it is didactic that the negative impacts of lowering were too weak to be even called marginal.

Both credit rating agencies complained about the Central Bank of the Republic of Turkey (CRBT) to global market circles, saying that the CRBT's steps cannot be a solution to the depreciation of the lira. I do not know if it will be enough that the CRBT has been implementing a fluctuating exchange rate regime for 16 years and, accordingly, it should not have an exchange rate target. But the problem is not related to such technical issues anyway.

Fitch already confessed in its statement that this is not the case. Where it spilled the beans was its confession that Turkey, as it thought, would face risks if the constitutional referendum is successful. This is called "sincere admission" in legal terminology.

Fitch claims that controls and balances will decline in the new system. It obviously means that if the constitutional amendments are approved in the referendum, it will face an uncontrollable Turkey where balances will go against the credit rating agency itself. We must elaborate on this sincere admission. Here, Fitch's statement might have addressed the control and balance mechanism in legal, administrative and political terms, but we will dwell upon the economic politics of the issue of control and balance.

It is an interesting evaluation is saying the balances will become disrupted. What balances? They think that the balances might decline as a result of the Turkish economy entering a different path than before, Turkish financial markets gaining strength and intensifying in new sectors that pioneer global competition and the real sector coming to be financed not only through the traditional banking system, but also through capital markets. A new system where Islamic banking and venture capital companies have begun replacing the traditional banking capital will fundamentally change not only the financial structure, but also industrial structure and their financial balances in the medium and long term. There is a direct relationship between what is happening in the economy and what is going on in politics now. Fitch's assessment of Turkey last week made this fact clear to everyone. Turkey will introduce major market-friendly reforms in the upcoming period in order to have a more effective capital market and banking system.

The politics and economy in Turkey will not be as before and will not be managed as before. The economy was under the International Monetary Fund's (IMF) custody until recently. IMF officials used to come to Turkey in the periods of budget planning as more competent authorities than Parliament and the relevant ministers and carried out parallel studies at relevant ministries about how many funds would be transferred and to what bodies they would be transferred. Then, Parliament used to approve the budget on which IMF officials studied. There used to be a sham political quarrel between the ruling party and opposition parties during budget talks, making us think that Parliament was discussing the budget.

Then we excluded the IMF, but its ideology already dominated the bureaucracy as economic truth. The CRBT thought that its only weapon was interest rates and institutions like the Finance Ministry and the Treasury had already declared themselves to be supra-political bodies in order to avoid disturbing the balances entrusted to them by the IMF.

The IMF has become a more respected institution since it abandoned managing the economies of developing countries with false prescriptions. In fact, the story that the IMF represented was the Bretton-Woods monetary system that started dissolving in 1973 and that completely collapsed during the 2008 crisis. As a Bretton-Woods institution, the IMF could not dominate developing countries like it used to. However, its role was undertaken by credit rating agencies that were actually founded as capital manipulation (direction) institutions and that were ready to make all kind of manipulations. Now, it is becoming clear that these credit rating agencies are obviously directing countries in a subjective way - which has called their respectability into question. Many countries have filed lawsuits against these institutions. But the essence of the matter is to open the capital power behind these institutions, rather than institutions themselves, up for discussion and to find the disruption of what balances disturbs this power, as Fitch confessed.

Obviously, the balances of the 19th and 20th centuries have declined in Europe, the Middle East and Asia Minor and new equitation has emerged in these territories. The resources of the Gulf region, the source of the petro-dollar capital, and the Mediterranean will be revalued through Turkey. This revaluation process is also the sharing of markets, energy and natural resources. Here, Turkey is a major player and determinative power. The system change that will be voted on in the referendum will politically and economically institutionalize Turkey's power and liquidate the old balances that worked against Turkey. When saying old balances, we mean a statist, autocratic and outdated economy that does not support markets and that serves a few monopolies. The termination of these balances should not disturb anyone and especially self-named market-friendly institutions. No one should doubt that the Turkish economy and markets will be more reliable and investable after the referendum.