{"id":406,"date":"2026-06-21T07:53:33","date_gmt":"2026-06-21T07:53:33","guid":{"rendered":"https:\/\/milliliyakat.com\/blog\/?p=406"},"modified":"2026-06-21T07:53:33","modified_gmt":"2026-06-21T07:53:33","slug":"finansal-istikrar-madde-110","status":"publish","type":"post","link":"https:\/\/milliliyakat.com\/blog\/finansal-istikrar-madde-110\/","title":{"rendered":"Milli Liyakat Anayasas\u0131\u2019nda Finansal \u0130stikrar (Madde 110)"},"content":{"rendered":"

Finansal istikrar<\/strong>, vatanda\u015f\u0131n tasarrufunu g\u00fcven i\u00e7inde tutabildi\u011fi, \u00f6deme sistemlerinin kesintisiz \u00e7al\u0131\u015ft\u0131\u011f\u0131, kredi piyasalar\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015fledi\u011fi, kriz d\u00f6nemlerinde al\u0131nan tedbirlerin \u00f6l\u00e7\u00fcl\u00fc kald\u0131\u011f\u0131 ve zararlar\u0131n belirsiz bi\u00e7imde toplumun s\u0131rt\u0131na y\u00fcklenmedi\u011fi ekonomik g\u00fcven d\u00fczenidir. Bir \u00fclkede finansal sistem g\u00fcven vermezse, yaln\u0131z bankalar veya piyasalar de\u011fil, g\u00fcnl\u00fck hayat\u0131n tamam\u0131 etkilenir. Maa\u015f \u00f6demeleri aksayabilir, i\u015fletmeler krediye eri\u015femeyebilir, tasarruf sahipleri mevduat\u0131na ula\u015fma kayg\u0131s\u0131 ya\u015fayabilir, sermaye hareketleri pani\u011fe d\u00f6n\u00fc\u015febilir ve s\u00f6zle\u015fme g\u00fcvenli\u011fi zay\u0131flayabilir. Bu nedenle finansal istikrar, dar anlamda bankac\u0131l\u0131k tekni\u011fi de\u011fil; m\u00fclkiyet hakk\u0131, tasarruf g\u00fcvenli\u011fi, piyasa d\u00fczeni ve kamu zarar\u0131n\u0131n \u00f6nlenmesiyle do\u011frudan ba\u011flant\u0131l\u0131 anayasal bir g\u00fcvencedir.<\/p>\n

Milli Liyakat Anayasas\u0131<\/a> i\u00e7inde Madde 110, finansal istikrar konusunu yaln\u0131z kriz an\u0131nda al\u0131nacak acil tedbirler olarak de\u011fil, piyasa d\u00fczeninin sa\u011fl\u0131kl\u0131 i\u015flemesi, tasarruf sahiplerinin korunmas\u0131, \u00f6deme sistemlerinin s\u00fcreklili\u011fi, rekabetin g\u00fcvence alt\u0131na al\u0131nmas\u0131 ve kamu zarar\u0131n\u0131n s\u0131n\u0131rland\u0131r\u0131lmas\u0131 \u00e7er\u00e7evesinde ele al\u0131r. Devlet; finansal sistemin istikrar\u0131n\u0131, \u00f6deme sistemlerinin s\u00fcreklili\u011fini, tasarruf sahiplerinin korunmas\u0131n\u0131 ve kredi piyasalar\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesini g\u00f6zetir. Bu g\u00f6zetim, piyasa akt\u00f6rlerini keyf\u00ee y\u00f6nlendirme veya b\u00fct\u00e7e d\u0131\u015f\u0131 y\u00fck\u00fcml\u00fcl\u00fck olu\u015fturma yetkisi vermez; aksine kriz d\u00f6nemlerinde bile \u00f6l\u00e7\u00fcl\u00fcl\u00fck, kanunilik, TBMM denetimi, m\u00fclkiyet hakk\u0131 ve hukuk g\u00fcvenli\u011fi s\u0131n\u0131rlar\u0131n\u0131 korur.<\/p>\n

Bir finansal krizde ilk bozulan \u015fey g\u00fcven olur<\/h2>\n

Finansal kriz \u00e7o\u011fu zaman yaln\u0131z rakamlardan ibaret g\u00f6r\u00fcn\u00fcr: faizler y\u00fckselir, kredi daral\u0131r, mevduat hareketlenir, kur oynar, \u015firket bilan\u00e7olar\u0131 bozulur. Fakat krizin en tehlikeli taraf\u0131 g\u00fcvenin \u00e7\u00f6z\u00fclmesidir. \u0130nsanlar tasarrufuna eri\u015femeyece\u011fini d\u00fc\u015f\u00fcn\u00fcrse bankaya ko\u015far. \u015eirketler \u00f6deme alamayaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcrse mal vermekten ka\u00e7\u0131n\u0131r. Bankalar birbirine g\u00fcvenmezse kredi kanallar\u0131 t\u0131kan\u0131r. \u00d6deme sistemleri aksarsa g\u00fcnl\u00fck ekonomi durur.<\/p>\n

Madde 110 bu y\u00fczden finansal istikrar kavram\u0131n\u0131 \u00f6deme sistemlerinin s\u00fcreklili\u011fi ve tasarruf sahiplerinin korunmas\u0131yla birlikte d\u00fczenler. Finansal sistem yaln\u0131z yat\u0131r\u0131mc\u0131lar\u0131n kazan\u00e7 alan\u0131 de\u011fildir; maa\u015f, kira, fatura, ticaret, kredi kart\u0131 \u00f6demesi, elektronik transfer, emeklilik birikimi ve k\u00fc\u00e7\u00fck tasarruflar\u0131n g\u00fcnl\u00fck g\u00fcven zeminidir.<\/p>\n

IMF\u2019nin finansal istikrar tan\u0131m\u0131na ili\u015fkin \u00e7al\u0131\u015fmas\u0131<\/a>, finansal istikrar\u0131 finansal sistemin ekonomik s\u00fcre\u00e7leri kolayla\u015ft\u0131rma, riskleri y\u00f6netme ve \u015foklar\u0131 absorbe etme yetene\u011fiyle a\u00e7\u0131klar. Madde 110\u2019un finansal istikrar yakla\u015f\u0131m\u0131 da ayn\u0131 geni\u015f bak\u0131\u015f\u0131 anayasal d\u00fczeye ta\u015f\u0131r.<\/p>\n

Madde 110 \u2013 Finansal \u0130stikrar ve Tasarruflar\u0131n Korunmas\u0131<\/strong><\/p>\n

Devlet; finansal sistemin istikrar\u0131n\u0131, \u00f6deme sistemlerinin s\u00fcreklili\u011fini, tasarruf sahiplerinin korunmas\u0131n\u0131 ve kredi piyasalar\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesini g\u00f6zetir. Finansal kriz tedbirleri \u00f6l\u00e7\u00fcl\u00fc ve kamu zarar\u0131n\u0131 \u00f6nleyici \u015fekilde uygulan\u0131r.<\/p>\n

Devlet; mal, hizmet, sermaye, kredi ve dijital piyasalarda tekelle\u015fme, kartelle\u015fme, h\u00e2kim durumun k\u00f6t\u00fcye kullan\u0131lmas\u0131 ve haks\u0131z rekabeti \u00f6nler.<\/p>\n

Finansal sistemin \u00e7\u00f6kmesini \u00f6nlemek amac\u0131yla zorunlu s\u0131n\u0131rlamalar uygulanabilir. Bu s\u0131n\u0131rlamalar mevduata, \u00f6deme sistemlerine, sermaye hareketlerine veya finansal i\u015flemlere ili\u015fkin olabilir. S\u0131n\u0131rlamalar kanuni dayana\u011fa ba\u011fl\u0131, \u00f6l\u00e7\u00fcl\u00fc, T\u00fcrkiye B\u00fcy\u00fck Millet Meclisi denetimine a\u00e7\u0131k olur. M\u00fclkiyet hakk\u0131, tasarruflara eri\u015fim ve hukuk g\u00fcvenli\u011fi \u00f6l\u00e7\u00fcs\u00fcz zedelenemez.<\/p>\n

Yetkiler piyasa akt\u00f6rlerini keyf\u00ee y\u00f6nlendirme veya b\u00fct\u00e7e d\u0131\u015f\u0131 y\u00fck\u00fcml\u00fcl\u00fck olu\u015fturma arac\u0131 olarak kullan\u0131lamaz. Bu risklere kar\u015f\u0131 al\u0131nan tedbirler \u00f6l\u00e7\u00fcl\u00fc olur; sermaye hareketlerini, m\u00fclkiyet hakk\u0131n\u0131 veya s\u00f6zle\u015fme g\u00fcvenli\u011fini \u00f6l\u00e7\u00fcs\u00fcz zedeleyemez.<\/p>\n

Zararlar kamuya belirsiz, s\u0131n\u0131rs\u0131z veya ayr\u0131cal\u0131kl\u0131 bi\u00e7imde y\u00fcklenemez.<\/p><\/blockquote>\n

Tasarruf sahibi neden \u00f6zel olarak korunur?<\/h2>\n

Tasarruf sahibi, finansal sistemin en hassas akt\u00f6rlerinden biridir. B\u00fcy\u00fck finans kurulu\u015flar\u0131 profesyonel risk y\u00f6netimi yapabilir; fakat k\u00fc\u00e7\u00fck tasarruf sahibi \u00e7o\u011fu zaman maa\u015f\u0131n\u0131, emeklilik birikimini, \u00e7ocu\u011funun e\u011fitim paras\u0131n\u0131 veya ailesinin g\u00fcvenlik birikimini finansal sistem i\u00e7inde tutar. Bu nedenle finansal istikrar, yaln\u0131z b\u00fcy\u00fck kurumlar\u0131n ayakta kalmas\u0131 anlam\u0131na gelmemelidir. Tasarruf sahibinin g\u00fcveni korunmad\u0131\u011f\u0131nda, finansal sistemin toplumsal zemini de zay\u0131flar.<\/p>\n

Madde 110, tasarruf sahiplerinin korunmas\u0131n\u0131 devletin g\u00f6zetim sorumlulu\u011fu i\u00e7ine al\u0131r. Bu koruma s\u0131n\u0131rs\u0131z garanti anlam\u0131na gelmez. Her yat\u0131r\u0131m\u0131n zarars\u0131z olmas\u0131 anayasal g\u00fcvence de\u011fildir. Ancak vatanda\u015f\u0131n mevduata, \u00f6deme sistemlerine ve temel finansal hizmetlere eri\u015fiminin \u00f6l\u00e7\u00fcs\u00fcz bi\u00e7imde zedelenmemesi gerekir.<\/p>\n

IMF\u2019nin mevduat sigortas\u0131 ve finansal g\u00fcvenlik a\u011f\u0131na ili\u015fkin de\u011ferlendirmesi<\/a>, mevduat sigortas\u0131n\u0131n hem finansal sistem istikrar\u0131na katk\u0131 hem de hanehalk\u0131 birikimlerinin asgari d\u00fczeyde korunmas\u0131 gibi iki tamamlay\u0131c\u0131 amac\u0131 oldu\u011funu belirtir. Madde 110\u2019daki tasarruf vurgusu da bu koruma ihtiyac\u0131n\u0131 anayasal ilke h\u00e2line getirir.<\/p>\n

\u00d6deme sistemleri durursa ekonomi durur<\/h2>\n

Finansal istikrar \u00e7o\u011fu zaman bankalarla veya sermaye piyasalar\u0131yla birlikte d\u00fc\u015f\u00fcn\u00fcl\u00fcr; fakat \u00f6deme sistemleri en az onlar kadar \u00f6nemlidir. Maa\u015f transferi, kartl\u0131 \u00f6deme, banka havalesi, ticari tahsilat, kamu \u00f6demesi, sosyal yard\u0131m, vergi tahsilat\u0131 ve elektronik \u00f6deme altyap\u0131s\u0131 kesintiye u\u011frarsa g\u00fcnl\u00fck ekonomi a\u011f\u0131r bi\u00e7imde etkilenir.<\/p>\n

Madde 110\u2019un \u00f6deme sistemlerinin s\u00fcreklili\u011fini ayr\u0131ca yazmas\u0131 bu nedenle isabetlidir. Finansal sistemin \u00e7\u00f6kmesini \u00f6nlemek i\u00e7in al\u0131nacak tedbirler yaln\u0131z kurumlar\u0131 de\u011fil, \u00f6deme ak\u0131\u015f\u0131n\u0131 da korumal\u0131d\u0131r. Bir finansal kriz s\u0131ras\u0131nda mevduata, \u00f6deme sistemlerine, sermaye hareketlerine veya finansal i\u015flemlere ili\u015fkin zorunlu s\u0131n\u0131rlamalar g\u00fcndeme gelebilir; fakat bu s\u0131n\u0131rlamalar kanuni dayana\u011fa ba\u011fl\u0131, \u00f6l\u00e7\u00fcl\u00fc ve TBMM denetimine a\u00e7\u0131k olmal\u0131d\u0131r.<\/p>\n

Buradaki anayasal denge a\u00e7\u0131kt\u0131r: Devlet \u00f6deme sistemlerinin \u00e7\u00f6kmesini \u00f6nleyebilir; ancak bunu yaparken vatanda\u015f\u0131n tasarruflara eri\u015fimini, m\u00fclkiyet hakk\u0131n\u0131 ve hukuk g\u00fcvenli\u011fini \u00f6l\u00e7\u00fcs\u00fcz zedeleyemez. Kriz tedbiri, krizi a\u015fma amac\u0131yla s\u0131n\u0131rl\u0131 kalmal\u0131d\u0131r.<\/p>\n

Kredi piyasas\u0131 sa\u011fl\u0131kl\u0131 i\u015flemezse \u00fcretim de aksar<\/h2>\n

Kredi piyasalar\u0131, \u00fcretim, yat\u0131r\u0131m, ticaret ve hanehalk\u0131 ihtiya\u00e7lar\u0131 bak\u0131m\u0131ndan \u00f6nemli bir i\u015flev g\u00f6r\u00fcr. Ancak kredi piyasas\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesi, s\u0131n\u0131rs\u0131z kredi geni\u015flemesi anlam\u0131na gelmez. Sa\u011fl\u0131kl\u0131 kredi piyasas\u0131; riskin do\u011fru fiyatland\u0131\u011f\u0131, bor\u00e7lunun korunurken sorumlulu\u011funun da s\u00fcrd\u00fc\u011f\u00fc, bankalar\u0131n keyf\u00ee davranmad\u0131\u011f\u0131, tekelle\u015fmenin krediye eri\u015fimi bozmad\u0131\u011f\u0131 ve kamu g\u00fcc\u00fcn\u00fcn piyasa akt\u00f6rlerini se\u00e7ici bi\u00e7imde y\u00f6nlendirmedi\u011fi d\u00fczendir.<\/p>\n

Madde 110, kredi piyasalar\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesini devletin g\u00f6zetim alan\u0131 i\u00e7ine al\u0131r. Fakat ayn\u0131 zamanda yetkilerin piyasa akt\u00f6rlerini keyf\u00ee y\u00f6nlendirme arac\u0131 olarak kullan\u0131lamayaca\u011f\u0131n\u0131 belirtir. Bu, \u00e7ok \u00f6nemli bir s\u0131n\u0131rd\u0131r. Devlet finansal sistemi g\u00f6zetebilir, krize kar\u015f\u0131 tedbir alabilir, rekabeti koruyabilir; fakat belirli akt\u00f6rlere ayr\u0131cal\u0131k sa\u011flayan veya piyasay\u0131 hukuki \u00f6ng\u00f6r\u00fclebilirlikten koparan y\u00f6nlendirmeler yapamaz.<\/p>\n

Finansal istikrar, piyasay\u0131 tamamen serbest b\u0131rakmak ile piyasay\u0131 keyf\u00ee y\u00f6netmek aras\u0131nda \u00fc\u00e7\u00fcnc\u00fc bir anayasal \u00e7izgi kurar: Hukuka ba\u011fl\u0131 g\u00f6zetim, \u00f6l\u00e7\u00fcl\u00fc m\u00fcdahale, rekabet\u00e7i piyasa ve kamu zarar\u0131n\u0131 \u00f6nleme.<\/p>\n

Tekelle\u015fme ve kartelle\u015fme finansal istikrar\u0131 nas\u0131l bozar?<\/h2>\n

Madde 110, mal, hizmet, sermaye, kredi ve dijital piyasalarda tekelle\u015fme, kartelle\u015fme, h\u00e2kim durumun k\u00f6t\u00fcye kullan\u0131lmas\u0131 ve haks\u0131z rekabeti \u00f6nlemeyi devletin g\u00f6revi sayar. Bu h\u00fck\u00fcm, finansal istikrar\u0131 sadece bankac\u0131l\u0131k kriziyle s\u0131n\u0131rlamaz. Piyasa yap\u0131s\u0131 bozuldu\u011funda fiyatlar, kredi eri\u015fimi, dijital hizmetler, sermaye ak\u0131\u015f\u0131 ve t\u00fcketici refah\u0131 da bozulur.<\/p>\n

Tekelle\u015fme, piyasada se\u00e7enekleri azalt\u0131r. Kartelle\u015fme, rekabeti g\u00f6r\u00fcn\u00fcrde var ama ger\u00e7ekte sahte h\u00e2le getirir. H\u00e2kim durumun k\u00f6t\u00fcye kullan\u0131lmas\u0131, b\u00fcy\u00fck akt\u00f6r\u00fcn t\u00fcketiciye, k\u00fc\u00e7\u00fck i\u015fletmelere veya piyasaya zarar verecek bi\u00e7imde g\u00fcc\u00fcn\u00fc kullanmas\u0131d\u0131r. Dijital piyasalarda ise platform g\u00fcc\u00fc, veri \u00fcst\u00fcnl\u00fc\u011f\u00fc ve g\u00f6r\u00fcn\u00fcrl\u00fck kontrol\u00fc yeni t\u00fcr h\u00e2kimiyet sorunlar\u0131 do\u011furabilir.<\/p>\n

OECD\u2019nin rekabetin korunmas\u0131na ili\u015fkin de\u011ferlendirmesi<\/a>, kartelleri rekabet hukukunun en ciddi ihlalleri aras\u0131nda g\u00f6r\u00fcr ve fiyatlar\u0131 art\u0131rma, arz\u0131 k\u0131s\u0131tlama veya piyasalar\u0131 payla\u015fma gibi uygulamalar\u0131n t\u00fcketicilere ve kamuya zarar verdi\u011fini belirtir. Madde 110\u2019un rekabet vurgusu da finansal istikrar ile piyasa adaletini birlikte ele al\u0131r.<\/p>\n

Kriz s\u0131n\u0131rlamalar\u0131: Gerekli olabilir, s\u0131n\u0131rs\u0131z olamaz<\/h2>\n

Madde 110, finansal sistemin \u00e7\u00f6kmesini \u00f6nlemek amac\u0131yla zorunlu s\u0131n\u0131rlamalar uygulanabilece\u011fini kabul eder. Bu ger\u00e7ek\u00e7i bir h\u00fck\u00fcmd\u00fcr. A\u011f\u0131r krizlerde mevduat hareketleri, \u00f6deme sistemleri, sermaye hareketleri veya baz\u0131 finansal i\u015flemler bak\u0131m\u0131ndan ge\u00e7ici ve zorunlu s\u0131n\u0131rlamalar gerekebilir. Ancak bu s\u0131n\u0131rlamalar\u0131n varl\u0131\u011f\u0131, anayasal g\u00fcvenceyi ask\u0131ya almak anlam\u0131na gelmez.<\/p>\n

S\u0131n\u0131rlamalar kanuni dayana\u011fa ba\u011fl\u0131 olmal\u0131d\u0131r. \u00d6l\u00e7\u00fcl\u00fc olmal\u0131d\u0131r. TBMM denetimine a\u00e7\u0131k olmal\u0131d\u0131r. M\u00fclkiyet hakk\u0131, tasarruflara eri\u015fim ve hukuk g\u00fcvenli\u011fi \u00f6l\u00e7\u00fcs\u00fcz zedelenmemelidir. Bu d\u00f6rt \u015fart, kriz m\u00fcdahalesini keyf\u00eelikten ay\u0131r\u0131r.<\/p>\n

Kriz d\u00f6neminde devletin h\u0131zl\u0131 hareket etmesi gerekebilir; fakat h\u0131zl\u0131 hareket etmek, s\u0131n\u0131rs\u0131z yetki kullanmak de\u011fildir. Finansal istikrar ad\u0131na al\u0131nan tedbirler, krizin gerektirdi\u011fi alan\u0131 a\u015farsa g\u00fcveni art\u0131rmak yerine azalt\u0131r. Vatanda\u015f \u201ckriz var\u201d gerek\u00e7esiyle m\u00fclkiyet hakk\u0131n\u0131n ve tasarruf eri\u015fiminin belirsizle\u015fti\u011fini g\u00f6r\u00fcrse, finansal sisteme g\u00fcven daha da zay\u0131flar.<\/p>\n

M\u00fclkiyet hakk\u0131 ve tasarruflara eri\u015fim neden birlikte yaz\u0131lm\u0131\u015ft\u0131r?<\/h2>\n

M\u00fclkiyet hakk\u0131 genel anayasal g\u00fcvencedir; tasarruflara eri\u015fim ise finansal sistem i\u00e7inde bu hakk\u0131n somut g\u00f6r\u00fcn\u00fcm\u00fcd\u00fcr. Bir ki\u015finin banka hesab\u0131ndaki para, menkul k\u0131ymeti, \u00f6deme alaca\u011f\u0131 veya finansal varl\u0131\u011f\u0131 m\u00fclkiyet alan\u0131yla ba\u011flant\u0131l\u0131d\u0131r. Ancak kriz d\u00f6nemlerinde bu varl\u0131klara eri\u015fim teknik veya hukuki s\u0131n\u0131rlamalara konu olabilir.<\/p>\n

Madde 110, bu nedenle m\u00fclkiyet hakk\u0131n\u0131, tasarruflara eri\u015fimi ve hukuk g\u00fcvenli\u011fini birlikte korur. Devlet finansal sistemi kurtarmak i\u00e7in baz\u0131 s\u0131n\u0131rlamalar getirebilir; fakat vatanda\u015f\u0131n tasarrufuna eri\u015fimini \u00f6l\u00e7\u00fcs\u00fcz bi\u00e7imde engelleyemez. S\u0131n\u0131rlama varsa amac\u0131, s\u00fcresi, kapsam\u0131, kanuni dayana\u011f\u0131 ve denetim yolu belirli olmal\u0131d\u0131r.<\/p>\n

Bu yakla\u015f\u0131m finansal istikrar\u0131 insan \u00f6l\u00e7e\u011fine indirir. Finansal sistem yaln\u0131z kurumlar\u0131n bilan\u00e7osu de\u011fildir. \u0130nsanlar\u0131n y\u0131llarca biriktirdi\u011fi eme\u011fin, ticari s\u00f6zle\u015fmelerin ve ekonomik g\u00fcvenin ta\u015f\u0131y\u0131c\u0131s\u0131d\u0131r. Bu nedenle kriz hukuku, m\u00fclkiyet ve tasarruf g\u00fcvenli\u011fiyle birlikte d\u00fc\u015f\u00fcn\u00fclmelidir.<\/p>\n

Sermaye hareketleri ve s\u00f6zle\u015fme g\u00fcvenli\u011fi<\/h2>\n

Madde 110, al\u0131nan tedbirlerin sermaye hareketlerini, m\u00fclkiyet hakk\u0131n\u0131 veya s\u00f6zle\u015fme g\u00fcvenli\u011fini \u00f6l\u00e7\u00fcs\u00fcz zedeleyemeyece\u011fini belirtir. Bu h\u00fck\u00fcm, finansal kriz tedbirlerinin ekonomik ili\u015fkileri tamamen belirsiz h\u00e2le getirmesini \u00f6nler. Sermaye hareketleri \u00fczerinde s\u0131n\u0131rlama baz\u0131 ola\u011fan\u00fcst\u00fc ko\u015fullarda tart\u0131\u015f\u0131labilir; fakat s\u0131n\u0131rlama belirsiz, s\u0131n\u0131rs\u0131z veya keyf\u00ee olamaz.<\/p>\n

S\u00f6zle\u015fme g\u00fcvenli\u011fi de ayn\u0131 derecede \u00f6nemlidir. Finansal sistemin temelinde s\u00f6zle\u015fmeler vard\u0131r: kredi s\u00f6zle\u015fmesi, mevduat ili\u015fkisi, \u00f6deme taahh\u00fcd\u00fc, sigorta, sermaye piyasas\u0131 i\u015flemi, ticari finansman ve bor\u00e7 ili\u015fkileri. Devlet kriz tedbiri al\u0131rken bu s\u00f6zle\u015fmeleri tamamen \u00f6ng\u00f6r\u00fclemez h\u00e2le getirirse, piyasa g\u00fcveni zedelenir.<\/p>\n

Bu nedenle Madde 110, kriz tedbirlerini \u00f6l\u00e7\u00fcl\u00fcl\u00fckle s\u0131n\u0131rlar. Ama\u00e7 finansal sistemi korumakt\u0131r; s\u00f6zle\u015fme hukukunu belirsizle\u015ftirmek veya belirli akt\u00f6rlere ayr\u0131cal\u0131k sa\u011flamak de\u011fildir.<\/p>\n

Kamu zarar\u0131n\u0131 \u00f6nlemek ile zarar\u0131 kamuya y\u0131kmak ayn\u0131 \u015fey de\u011fildir<\/h2>\n

Madde 110\u2019un son c\u00fcmlesi k\u0131sa ama \u00e7ok g\u00fc\u00e7l\u00fcd\u00fcr: Zararlar kamuya belirsiz, s\u0131n\u0131rs\u0131z veya ayr\u0131cal\u0131kl\u0131 bi\u00e7imde y\u00fcklenemez. Bu h\u00fck\u00fcm, finansal kriz y\u00f6netiminde en kritik anayasal g\u00fcvencelerden biridir. Kriz d\u00f6nemlerinde baz\u0131 finansal kurumlar\u0131n, \u015firketlerin veya piyasa akt\u00f6rlerinin zararlar\u0131n\u0131n kamu kaynaklar\u0131yla kar\u015f\u0131lanmas\u0131 g\u00fcndeme gelebilir. Ancak kamu kayna\u011f\u0131 s\u0131n\u0131rs\u0131z kurtarma arac\u0131 de\u011fildir.<\/p>\n

Devlet finansal sistemin \u00e7\u00f6kmesini \u00f6nlemek i\u00e7in tedbir alabilir. Fakat bu tedbir, belirli akt\u00f6rlerin zarar\u0131n\u0131 belirsiz bi\u00e7imde topluma aktarma yolu olamaz. Kamu zarar\u0131n\u0131 \u00f6nlemek ile \u00f6zel zarar\u0131 kamuya y\u00fcklemek farkl\u0131 \u015feylerdir. Birincisi finansal istikrar\u0131 korur; ikincisi adalet duygusunu ve mali disiplini bozar.<\/p>\n

IMF\u2019nin sistemik \u00f6neme sahip finansal kurumlar\u0131n \u00e7\u00f6z\u00fcm\u00fcne ili\u015fkin de\u011ferlendirmesi<\/a>, b\u00fcy\u00fck finansal kurulu\u015flara verilen kamu deste\u011finin maliyetli olabildi\u011fini ve ahlaki tehlikeyi art\u0131rabildi\u011fini belirtir. Madde 110\u2019un kamuya s\u0131n\u0131rs\u0131z zarar y\u00fckleme yasa\u011f\u0131, bu riski anayasal d\u00fczeyde s\u0131n\u0131rlamay\u0131 ama\u00e7lar.<\/p>\n

Finansal kriz tedbirlerinde be\u015f anayasal soru<\/h2>\n

Madde 110, kriz tedbirlerini tamamen yasaklamaz; fakat her tedbirin anayasal bir s\u0131navdan ge\u00e7mesini ister. Bu s\u0131nav pratikte be\u015f soru \u00fczerinden okunabilir:<\/p>\n

    \n
  1. Kanuni dayanak var m\u0131?<\/strong> S\u0131n\u0131rlama a\u00e7\u0131k bir kanuna dayan\u0131yor mu?<\/li>\n
  2. \u00d6l\u00e7\u00fcl\u00fcl\u00fck korunuyor mu?<\/strong> Tedbir krizin gerektirdi\u011fi s\u0131n\u0131r\u0131 a\u015f\u0131yor mu?<\/li>\n
  3. TBMM denetimi a\u00e7\u0131k m\u0131?<\/strong> Tedbir demokratik mali ve hukuki denetime tabi mi?<\/li>\n
  4. Tasarruflara eri\u015fim \u00f6l\u00e7\u00fcs\u00fcz zedeleniyor mu?<\/strong> Vatanda\u015f\u0131n m\u00fclkiyet ve eri\u015fim g\u00fcvenli\u011fi korunuyor mu?<\/li>\n
  5. Zarar kamuya belirsiz y\u00fckleniyor mu?<\/strong> Belirli akt\u00f6rlerin zarar\u0131 s\u0131n\u0131rs\u0131z bi\u00e7imde toplumun s\u0131rt\u0131na m\u0131 aktar\u0131l\u0131yor?<\/li>\n<\/ol>\n

    Bu be\u015f soru, finansal istikrar tedbirlerini panik y\u00f6netiminden anayasal y\u00f6netime ta\u015f\u0131r. Devlet krize kar\u015f\u0131 hareket eder; fakat hareketini hukuk, \u00f6l\u00e7\u00fc ve hesap verebilirlik i\u00e7inde yapar.<\/p>\n

    Dijital piyasalar neden bu maddeye girmi\u015ftir?<\/h2>\n

    Madde 110\u2019un dijital piyasalar\u0131 tekelle\u015fme, kartelle\u015fme, h\u00e2kim durumun k\u00f6t\u00fcye kullan\u0131lmas\u0131 ve haks\u0131z rekabet ba\u011flam\u0131nda saymas\u0131 \u00e7a\u011fda\u015f bir tercihtir. \u00c7\u00fcnk\u00fc dijital piyasalar yaln\u0131z teknoloji alan\u0131 de\u011fildir; \u00f6deme sistemleri, finansal veri, kredi puanlama, platform ekonomisi, dijital c\u00fczdanlar, \u00e7evrim i\u00e7i ticaret ve reklam piyasalar\u0131 \u00fczerinden finansal istikrarla do\u011frudan ba\u011flant\u0131l\u0131 olabilir.<\/p>\n

    Dijital piyasalarda rekabet bozuldu\u011funda yaln\u0131z t\u00fcketici se\u00e7ene\u011fi azalmaz; veri tekeli, fiyatlama g\u00fcc\u00fc, \u00f6deme altyap\u0131s\u0131 kontrol\u00fc ve finansal eri\u015fim \u00fczerinde de yo\u011funla\u015fma olu\u015fabilir. Bu durum hem piyasa adaletini hem sistemik dayan\u0131kl\u0131l\u0131\u011f\u0131 etkileyebilir.<\/p>\n

    Bu nedenle Madde 110, klasik mal ve hizmet piyasalar\u0131n\u0131n yan\u0131na sermaye, kredi ve dijital piyasalar\u0131 da ekler. Finansal istikrar art\u0131k yaln\u0131z bankalar\u0131n sa\u011flaml\u0131\u011f\u0131 de\u011fil, dijital altyap\u0131 ve platform g\u00fcc\u00fcn\u00fcn de hukuka ba\u011fl\u0131 \u00e7al\u0131\u015fmas\u0131yla ilgilidir.<\/p>\n

    Finansal istikrar\u0131n koruma alanlar\u0131<\/h2>\n\n\n\n\n\n\n\n\n\n\n
    Koruma Alan\u0131<\/th>\nMadde 110\u2019daki \u0130\u015flevi<\/th>\nS\u0131n\u0131r \u0130lkesi<\/th>\n<\/tr>\n<\/thead>\n
    \u00d6deme sistemleri<\/td>\nG\u00fcnl\u00fck ekonomik ak\u0131\u015f\u0131n kesintisiz s\u00fcrmesini sa\u011flar.<\/td>\nS\u0131n\u0131rlamalar \u00f6l\u00e7\u00fcl\u00fc ve kanuni olmal\u0131d\u0131r.<\/td>\n<\/tr>\n
    Tasarruf sahipleri<\/td>\nMevduat ve birikim g\u00fcvenini korur.<\/td>\nTasarruflara eri\u015fim \u00f6l\u00e7\u00fcs\u00fcz zedelenemez.<\/td>\n<\/tr>\n
    Kredi piyasalar\u0131<\/td>\n\u00dcretim, yat\u0131r\u0131m ve ticaretin sa\u011fl\u0131kl\u0131 finansman\u0131n\u0131 destekler.<\/td>\nKeyf\u00ee y\u00f6nlendirme yap\u0131lamaz.<\/td>\n<\/tr>\n
    Rekabet d\u00fczeni<\/td>\nTekelle\u015fme, kartel ve haks\u0131z rekabeti \u00f6nler.<\/td>\nH\u00e2kim durum k\u00f6t\u00fcye kullan\u0131lamaz.<\/td>\n<\/tr>\n
    Kriz s\u0131n\u0131rlamalar\u0131<\/td>\nFinansal sistemin \u00e7\u00f6kmesini \u00f6nlemeye yarar.<\/td>\nKanuni dayanak, \u00f6l\u00e7\u00fcl\u00fcl\u00fck ve TBMM denetimi gerekir.<\/td>\n<\/tr>\n
    Kamu zarar\u0131<\/td>\nKriz maliyetinin belirsiz bi\u00e7imde topluma y\u00fcklenmesini engeller.<\/td>\nZararlar kamuya s\u0131n\u0131rs\u0131z veya ayr\u0131cal\u0131kl\u0131 y\u00fcklenemez.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Bu tablo, finansal istikrar kavram\u0131n\u0131n yaln\u0131z piyasa sakinli\u011fi anlam\u0131na gelmedi\u011fini g\u00f6sterir. Madde 110\u2019da finansal istikrar; tasarruf, rekabet, m\u00fclkiyet, \u00f6deme altyap\u0131s\u0131, kriz y\u00f6netimi ve kamu maliyesiyle birlikte kurulan \u00e7ok katmanl\u0131 bir g\u00fcvence alan\u0131d\u0131r.<\/p>\n

    Sonu\u00e7: Finansal istikrar g\u00fcveni korur, keyf\u00ee m\u00fcdahaleyi s\u0131n\u0131rl\u0131 tutar<\/h2>\n

    Finansal istikrar, Milli Liyakat Anayasas\u0131 i\u00e7inde finansal sistemin \u00e7\u00f6kmesini \u00f6nleyen, \u00f6deme sistemlerinin s\u00fcreklili\u011fini sa\u011flayan, tasarruf sahiplerini koruyan ve kredi piyasalar\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesini g\u00f6zeten temel ekonomik g\u00fcvenlik ilkesidir. Madde 110, devletin finansal kriz tedbirlerini \u00f6l\u00e7\u00fcl\u00fc ve kamu zarar\u0131n\u0131 \u00f6nleyici \u015fekilde uygulayaca\u011f\u0131n\u0131 belirtir. B\u00f6ylece kriz an\u0131nda devletin tamamen pasif kalmas\u0131 de\u011fil, fakat m\u00fcdahale yetkisini hukuk i\u00e7inde kullanmas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcr.<\/p>\n

    Bu maddenin en g\u00fc\u00e7l\u00fc taraf\u0131, finansal istikrar\u0131 rekabet d\u00fczeniyle birlikte d\u00fc\u015f\u00fcnmesidir. Devlet; mal, hizmet, sermaye, kredi ve dijital piyasalarda tekelle\u015fme, kartelle\u015fme, h\u00e2kim durumun k\u00f6t\u00fcye kullan\u0131lmas\u0131 ve haks\u0131z rekabeti \u00f6nler. \u00c7\u00fcnk\u00fc sa\u011fl\u0131kl\u0131 finansal sistem yaln\u0131z bankalar\u0131n ayakta kalmas\u0131yla de\u011fil, piyasa yap\u0131s\u0131n\u0131n adil, rekabet\u00e7i ve \u00f6ng\u00f6r\u00fclebilir kalmas\u0131yla m\u00fcmk\u00fcnd\u00fcr.<\/p>\n

    Sonu\u00e7 olarak Madde 110, kriz s\u0131n\u0131rlamalar\u0131n\u0131 kabul eder; fakat bu s\u0131n\u0131rlamalar\u0131 kanuni dayanak, \u00f6l\u00e7\u00fcl\u00fcl\u00fck, T\u00fcrkiye B\u00fcy\u00fck Millet Meclisi denetimi, m\u00fclkiyet hakk\u0131, tasarruflara eri\u015fim ve hukuk g\u00fcvenli\u011fiyle s\u0131n\u0131rlar. Yetkiler piyasa akt\u00f6rlerini keyf\u00ee y\u00f6nlendirme veya b\u00fct\u00e7e d\u0131\u015f\u0131 y\u00fck\u00fcml\u00fcl\u00fck olu\u015fturma arac\u0131 olarak kullan\u0131lamaz. Zararlar kamuya belirsiz, s\u0131n\u0131rs\u0131z veya ayr\u0131cal\u0131kl\u0131 bi\u00e7imde y\u00fcklenemez. Bu nedenle finansal istikrar, bu anayasa modelinde tasarruflar\u0131n korunmas\u0131, \u00f6deme sistemlerinin s\u00fcreklili\u011fi, kredi piyasalar\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesi, rekabet d\u00fczeni, \u00f6l\u00e7\u00fcl\u00fc kriz tedbirleri, m\u00fclkiyet hakk\u0131 ve kamu zarar\u0131n\u0131n \u00f6nlenmesi<\/strong> aras\u0131nda kurulmu\u015f temel ekonomik g\u00fcvence sistemidir.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Finansal istikrar, vatanda\u015f\u0131n tasarrufunu g\u00fcven i\u00e7inde tutabildi\u011fi, \u00f6deme sistemlerinin kesintisiz \u00e7al\u0131\u015ft\u0131\u011f\u0131, kredi piyasalar\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015fledi\u011fi, kriz d\u00f6nemlerinde al\u0131nan tedbirlerin \u00f6l\u00e7\u00fcl\u00fc kald\u0131\u011f\u0131 ve zararlar\u0131n belirsiz bi\u00e7imde toplumun s\u0131rt\u0131na y\u00fcklenmedi\u011fi ekonomik g\u00fcven d\u00fczenidir. Bir \u00fclkede finansal sistem g\u00fcven vermezse, yaln\u0131z bankalar veya piyasalar de\u011fil, g\u00fcnl\u00fck hayat\u0131n tamam\u0131 etkilenir. Maa\u015f \u00f6demeleri aksayabilir, i\u015fletmeler krediye eri\u015femeyebilir, tasarruf sahipleri mevduat\u0131na ula\u015fma kayg\u0131s\u0131 ya\u015fayabilir, sermaye hareketleri pani\u011fe d\u00f6n\u00fc\u015febilir ve s\u00f6zle\u015fme g\u00fcvenli\u011fi zay\u0131flayabilir. Bu nedenle finansal istikrar, dar anlamda bankac\u0131l\u0131k tekni\u011fi de\u011fil; m\u00fclkiyet hakk\u0131, tasarruf g\u00fcvenli\u011fi, piyasa d\u00fczeni ve kamu zarar\u0131n\u0131n \u00f6nlenmesiyle do\u011frudan ba\u011flant\u0131l\u0131 anayasal bir g\u00fcvencedir. Milli Liyakat Anayasas\u0131 i\u00e7inde Madde 110, finansal istikrar konusunu yaln\u0131z kriz an\u0131nda al\u0131nacak acil tedbirler olarak de\u011fil, piyasa d\u00fczeninin sa\u011fl\u0131kl\u0131 i\u015flemesi, tasarruf sahiplerinin korunmas\u0131, \u00f6deme sistemlerinin s\u00fcreklili\u011fi, rekabetin g\u00fcvence alt\u0131na al\u0131nmas\u0131 ve kamu zarar\u0131n\u0131n s\u0131n\u0131rland\u0131r\u0131lmas\u0131 \u00e7er\u00e7evesinde ele al\u0131r. Devlet; finansal sistemin istikrar\u0131n\u0131, \u00f6deme sistemlerinin s\u00fcreklili\u011fini, tasarruf sahiplerinin korunmas\u0131n\u0131 ve kredi piyasalar\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesini g\u00f6zetir. Bu g\u00f6zetim, piyasa akt\u00f6rlerini keyf\u00ee y\u00f6nlendirme veya b\u00fct\u00e7e d\u0131\u015f\u0131 y\u00fck\u00fcml\u00fcl\u00fck olu\u015fturma yetkisi vermez; aksine kriz d\u00f6nemlerinde bile \u00f6l\u00e7\u00fcl\u00fcl\u00fck, kanunilik, TBMM denetimi, m\u00fclkiyet hakk\u0131 ve hukuk g\u00fcvenli\u011fi s\u0131n\u0131rlar\u0131n\u0131 korur. Bir finansal krizde ilk bozulan \u015fey g\u00fcven olur Finansal kriz \u00e7o\u011fu zaman yaln\u0131z rakamlardan ibaret g\u00f6r\u00fcn\u00fcr: faizler y\u00fckselir, kredi daral\u0131r, mevduat hareketlenir, kur oynar, \u015firket bilan\u00e7olar\u0131 bozulur. Fakat krizin en tehlikeli taraf\u0131 g\u00fcvenin \u00e7\u00f6z\u00fclmesidir. \u0130nsanlar tasarrufuna eri\u015femeyece\u011fini d\u00fc\u015f\u00fcn\u00fcrse bankaya ko\u015far. \u015eirketler \u00f6deme alamayaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcrse mal vermekten ka\u00e7\u0131n\u0131r. Bankalar birbirine g\u00fcvenmezse kredi kanallar\u0131 t\u0131kan\u0131r. \u00d6deme sistemleri aksarsa g\u00fcnl\u00fck ekonomi durur. Madde 110 bu y\u00fczden finansal istikrar kavram\u0131n\u0131 \u00f6deme sistemlerinin s\u00fcreklili\u011fi ve tasarruf sahiplerinin korunmas\u0131yla birlikte d\u00fczenler. Finansal sistem yaln\u0131z yat\u0131r\u0131mc\u0131lar\u0131n kazan\u00e7 alan\u0131 de\u011fildir; maa\u015f, kira, fatura, ticaret, kredi kart\u0131 \u00f6demesi, elektronik transfer, emeklilik birikimi ve k\u00fc\u00e7\u00fck tasarruflar\u0131n g\u00fcnl\u00fck g\u00fcven zeminidir. IMF\u2019nin finansal istikrar tan\u0131m\u0131na ili\u015fkin \u00e7al\u0131\u015fmas\u0131, finansal istikrar\u0131 finansal sistemin ekonomik s\u00fcre\u00e7leri kolayla\u015ft\u0131rma, riskleri y\u00f6netme ve \u015foklar\u0131 absorbe etme yetene\u011fiyle a\u00e7\u0131klar. Madde 110\u2019un finansal istikrar yakla\u015f\u0131m\u0131 da ayn\u0131 geni\u015f bak\u0131\u015f\u0131 anayasal d\u00fczeye ta\u015f\u0131r. Madde 110 \u2013 Finansal \u0130stikrar ve Tasarruflar\u0131n Korunmas\u0131 Devlet; finansal sistemin istikrar\u0131n\u0131, \u00f6deme sistemlerinin s\u00fcreklili\u011fini, tasarruf sahiplerinin korunmas\u0131n\u0131 ve kredi piyasalar\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesini g\u00f6zetir. Finansal kriz tedbirleri \u00f6l\u00e7\u00fcl\u00fc ve kamu zarar\u0131n\u0131 \u00f6nleyici \u015fekilde uygulan\u0131r. Devlet; mal, hizmet, sermaye, kredi ve dijital piyasalarda tekelle\u015fme, kartelle\u015fme, h\u00e2kim durumun k\u00f6t\u00fcye kullan\u0131lmas\u0131 ve haks\u0131z rekabeti \u00f6nler. Finansal sistemin \u00e7\u00f6kmesini \u00f6nlemek amac\u0131yla zorunlu s\u0131n\u0131rlamalar uygulanabilir. Bu s\u0131n\u0131rlamalar mevduata, \u00f6deme sistemlerine, sermaye hareketlerine veya finansal i\u015flemlere ili\u015fkin olabilir. S\u0131n\u0131rlamalar kanuni dayana\u011fa ba\u011fl\u0131, \u00f6l\u00e7\u00fcl\u00fc, T\u00fcrkiye B\u00fcy\u00fck Millet Meclisi denetimine a\u00e7\u0131k olur. M\u00fclkiyet hakk\u0131, tasarruflara eri\u015fim ve hukuk g\u00fcvenli\u011fi \u00f6l\u00e7\u00fcs\u00fcz zedelenemez. Yetkiler piyasa akt\u00f6rlerini keyf\u00ee y\u00f6nlendirme veya b\u00fct\u00e7e d\u0131\u015f\u0131 y\u00fck\u00fcml\u00fcl\u00fck olu\u015fturma arac\u0131 olarak kullan\u0131lamaz. Bu risklere kar\u015f\u0131 al\u0131nan tedbirler \u00f6l\u00e7\u00fcl\u00fc olur; sermaye hareketlerini, m\u00fclkiyet hakk\u0131n\u0131 veya s\u00f6zle\u015fme g\u00fcvenli\u011fini \u00f6l\u00e7\u00fcs\u00fcz zedeleyemez. Zararlar kamuya belirsiz, s\u0131n\u0131rs\u0131z veya ayr\u0131cal\u0131kl\u0131 bi\u00e7imde y\u00fcklenemez. Tasarruf sahibi neden \u00f6zel olarak korunur? Tasarruf sahibi, finansal sistemin en hassas akt\u00f6rlerinden biridir. B\u00fcy\u00fck finans kurulu\u015flar\u0131 profesyonel risk y\u00f6netimi yapabilir; fakat k\u00fc\u00e7\u00fck tasarruf sahibi \u00e7o\u011fu zaman maa\u015f\u0131n\u0131, emeklilik birikimini, \u00e7ocu\u011funun e\u011fitim paras\u0131n\u0131 veya ailesinin g\u00fcvenlik birikimini finansal sistem i\u00e7inde tutar. Bu nedenle finansal istikrar, yaln\u0131z b\u00fcy\u00fck kurumlar\u0131n ayakta kalmas\u0131 anlam\u0131na gelmemelidir. Tasarruf sahibinin g\u00fcveni korunmad\u0131\u011f\u0131nda, finansal sistemin toplumsal zemini de zay\u0131flar. Madde 110, tasarruf sahiplerinin korunmas\u0131n\u0131 devletin g\u00f6zetim sorumlulu\u011fu i\u00e7ine al\u0131r. Bu koruma s\u0131n\u0131rs\u0131z garanti anlam\u0131na gelmez. Her yat\u0131r\u0131m\u0131n zarars\u0131z olmas\u0131 anayasal g\u00fcvence de\u011fildir. Ancak vatanda\u015f\u0131n mevduata, \u00f6deme sistemlerine ve temel finansal hizmetlere eri\u015fiminin \u00f6l\u00e7\u00fcs\u00fcz bi\u00e7imde zedelenmemesi gerekir. IMF\u2019nin mevduat sigortas\u0131 ve finansal g\u00fcvenlik a\u011f\u0131na ili\u015fkin de\u011ferlendirmesi, mevduat sigortas\u0131n\u0131n hem finansal sistem istikrar\u0131na katk\u0131 hem de hanehalk\u0131 birikimlerinin asgari d\u00fczeyde korunmas\u0131 gibi iki tamamlay\u0131c\u0131 amac\u0131 oldu\u011funu belirtir. Madde 110\u2019daki tasarruf vurgusu da bu koruma ihtiyac\u0131n\u0131 anayasal ilke h\u00e2line getirir. \u00d6deme sistemleri durursa ekonomi durur Finansal istikrar \u00e7o\u011fu zaman bankalarla veya sermaye piyasalar\u0131yla birlikte d\u00fc\u015f\u00fcn\u00fcl\u00fcr; fakat \u00f6deme sistemleri en az onlar kadar \u00f6nemlidir. Maa\u015f transferi, kartl\u0131 \u00f6deme, banka havalesi, ticari tahsilat, kamu \u00f6demesi, sosyal yard\u0131m, vergi tahsilat\u0131 ve elektronik \u00f6deme altyap\u0131s\u0131 kesintiye u\u011frarsa g\u00fcnl\u00fck ekonomi a\u011f\u0131r bi\u00e7imde etkilenir. Madde 110\u2019un \u00f6deme sistemlerinin s\u00fcreklili\u011fini ayr\u0131ca yazmas\u0131 bu nedenle isabetlidir. Finansal sistemin \u00e7\u00f6kmesini \u00f6nlemek i\u00e7in al\u0131nacak tedbirler yaln\u0131z kurumlar\u0131 de\u011fil, \u00f6deme ak\u0131\u015f\u0131n\u0131 da korumal\u0131d\u0131r. Bir finansal kriz s\u0131ras\u0131nda mevduata, \u00f6deme sistemlerine, sermaye hareketlerine veya finansal i\u015flemlere ili\u015fkin zorunlu s\u0131n\u0131rlamalar g\u00fcndeme gelebilir; fakat bu s\u0131n\u0131rlamalar kanuni dayana\u011fa ba\u011fl\u0131, \u00f6l\u00e7\u00fcl\u00fc ve TBMM denetimine a\u00e7\u0131k olmal\u0131d\u0131r. Buradaki anayasal denge a\u00e7\u0131kt\u0131r: Devlet \u00f6deme sistemlerinin \u00e7\u00f6kmesini \u00f6nleyebilir; ancak bunu yaparken vatanda\u015f\u0131n tasarruflara eri\u015fimini, m\u00fclkiyet hakk\u0131n\u0131 ve hukuk g\u00fcvenli\u011fini \u00f6l\u00e7\u00fcs\u00fcz zedeleyemez. Kriz tedbiri, krizi a\u015fma amac\u0131yla s\u0131n\u0131rl\u0131 kalmal\u0131d\u0131r. Kredi piyasas\u0131 sa\u011fl\u0131kl\u0131 i\u015flemezse \u00fcretim de aksar Kredi piyasalar\u0131, \u00fcretim, yat\u0131r\u0131m, ticaret ve hanehalk\u0131 ihtiya\u00e7lar\u0131 bak\u0131m\u0131ndan \u00f6nemli bir i\u015flev g\u00f6r\u00fcr. Ancak kredi piyasas\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesi, s\u0131n\u0131rs\u0131z kredi geni\u015flemesi anlam\u0131na gelmez. Sa\u011fl\u0131kl\u0131 kredi piyasas\u0131; riskin do\u011fru fiyatland\u0131\u011f\u0131, bor\u00e7lunun korunurken sorumlulu\u011funun da s\u00fcrd\u00fc\u011f\u00fc, bankalar\u0131n keyf\u00ee davranmad\u0131\u011f\u0131, tekelle\u015fmenin krediye eri\u015fimi bozmad\u0131\u011f\u0131 ve kamu g\u00fcc\u00fcn\u00fcn piyasa akt\u00f6rlerini se\u00e7ici bi\u00e7imde y\u00f6nlendirmedi\u011fi d\u00fczendir. Madde 110, kredi piyasalar\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesini devletin g\u00f6zetim alan\u0131 i\u00e7ine al\u0131r. Fakat ayn\u0131 zamanda yetkilerin piyasa akt\u00f6rlerini keyf\u00ee y\u00f6nlendirme arac\u0131 olarak kullan\u0131lamayaca\u011f\u0131n\u0131 belirtir. Bu, \u00e7ok \u00f6nemli bir s\u0131n\u0131rd\u0131r. Devlet finansal sistemi g\u00f6zetebilir, krize kar\u015f\u0131 tedbir alabilir, rekabeti koruyabilir; fakat belirli akt\u00f6rlere ayr\u0131cal\u0131k sa\u011flayan veya piyasay\u0131 hukuki \u00f6ng\u00f6r\u00fclebilirlikten koparan y\u00f6nlendirmeler yapamaz. Finansal istikrar, piyasay\u0131 tamamen serbest b\u0131rakmak ile piyasay\u0131 keyf\u00ee y\u00f6netmek aras\u0131nda \u00fc\u00e7\u00fcnc\u00fc bir anayasal \u00e7izgi kurar: Hukuka ba\u011fl\u0131 g\u00f6zetim, \u00f6l\u00e7\u00fcl\u00fc m\u00fcdahale, rekabet\u00e7i piyasa ve kamu zarar\u0131n\u0131 \u00f6nleme. Tekelle\u015fme ve kartelle\u015fme finansal istikrar\u0131 nas\u0131l bozar? Madde 110, mal, hizmet, sermaye, kredi ve dijital piyasalarda tekelle\u015fme, kartelle\u015fme, h\u00e2kim durumun k\u00f6t\u00fcye kullan\u0131lmas\u0131 ve haks\u0131z rekabeti \u00f6nlemeyi devletin g\u00f6revi sayar. Bu h\u00fck\u00fcm, finansal istikrar\u0131 sadece bankac\u0131l\u0131k kriziyle s\u0131n\u0131rlamaz. Piyasa yap\u0131s\u0131 bozuldu\u011funda fiyatlar, kredi eri\u015fimi, dijital hizmetler, sermaye ak\u0131\u015f\u0131 ve t\u00fcketici refah\u0131 da bozulur. Tekelle\u015fme, piyasada se\u00e7enekleri azalt\u0131r. Kartelle\u015fme, rekabeti g\u00f6r\u00fcn\u00fcrde var ama ger\u00e7ekte sahte h\u00e2le getirir. H\u00e2kim durumun k\u00f6t\u00fcye kullan\u0131lmas\u0131, b\u00fcy\u00fck akt\u00f6r\u00fcn t\u00fcketiciye, k\u00fc\u00e7\u00fck i\u015fletmelere veya piyasaya zarar verecek bi\u00e7imde g\u00fcc\u00fcn\u00fc kullanmas\u0131d\u0131r. Dijital piyasalarda ise platform g\u00fcc\u00fc, veri \u00fcst\u00fcnl\u00fc\u011f\u00fc ve g\u00f6r\u00fcn\u00fcrl\u00fck kontrol\u00fc yeni t\u00fcr h\u00e2kimiyet sorunlar\u0131 do\u011furabilir. OECD\u2019nin rekabetin korunmas\u0131na ili\u015fkin de\u011ferlendirmesi, kartelleri rekabet hukukunun en ciddi ihlalleri aras\u0131nda g\u00f6r\u00fcr ve fiyatlar\u0131 art\u0131rma, arz\u0131 k\u0131s\u0131tlama veya piyasalar\u0131 payla\u015fma gibi uygulamalar\u0131n t\u00fcketicilere ve kamuya zarar verdi\u011fini belirtir. Madde 110\u2019un rekabet vurgusu da finansal istikrar ile piyasa adaletini birlikte ele al\u0131r. Kriz s\u0131n\u0131rlamalar\u0131: Gerekli olabilir, s\u0131n\u0131rs\u0131z olamaz Madde 110, finansal sistemin \u00e7\u00f6kmesini \u00f6nlemek amac\u0131yla zorunlu s\u0131n\u0131rlamalar uygulanabilece\u011fini kabul eder. Bu ger\u00e7ek\u00e7i bir h\u00fck\u00fcmd\u00fcr. A\u011f\u0131r krizlerde mevduat hareketleri, \u00f6deme sistemleri, sermaye hareketleri veya baz\u0131 finansal i\u015flemler bak\u0131m\u0131ndan ge\u00e7ici ve zorunlu s\u0131n\u0131rlamalar gerekebilir. Ancak bu s\u0131n\u0131rlamalar\u0131n varl\u0131\u011f\u0131, anayasal g\u00fcvenceyi ask\u0131ya almak anlam\u0131na gelmez. S\u0131n\u0131rlamalar kanuni dayana\u011fa ba\u011fl\u0131 olmal\u0131d\u0131r. \u00d6l\u00e7\u00fcl\u00fc olmal\u0131d\u0131r. TBMM denetimine a\u00e7\u0131k olmal\u0131d\u0131r. M\u00fclkiyet hakk\u0131, tasarruflara eri\u015fim ve hukuk g\u00fcvenli\u011fi \u00f6l\u00e7\u00fcs\u00fcz zedelenmemelidir. Bu d\u00f6rt \u015fart, kriz m\u00fcdahalesini keyf\u00eelikten ay\u0131r\u0131r. Kriz d\u00f6neminde devletin h\u0131zl\u0131 hareket etmesi gerekebilir; fakat h\u0131zl\u0131 hareket etmek, s\u0131n\u0131rs\u0131z yetki kullanmak de\u011fildir. Finansal istikrar ad\u0131na al\u0131nan tedbirler, krizin gerektirdi\u011fi alan\u0131 a\u015farsa g\u00fcveni art\u0131rmak yerine azalt\u0131r. Vatanda\u015f \u201ckriz var\u201d gerek\u00e7esiyle m\u00fclkiyet hakk\u0131n\u0131n ve tasarruf eri\u015fiminin belirsizle\u015fti\u011fini g\u00f6r\u00fcrse, finansal sisteme g\u00fcven daha da zay\u0131flar. M\u00fclkiyet hakk\u0131 ve tasarruflara eri\u015fim neden birlikte yaz\u0131lm\u0131\u015ft\u0131r? M\u00fclkiyet hakk\u0131 genel anayasal g\u00fcvencedir; tasarruflara eri\u015fim ise finansal sistem i\u00e7inde bu hakk\u0131n somut g\u00f6r\u00fcn\u00fcm\u00fcd\u00fcr. Bir ki\u015finin banka hesab\u0131ndaki para, menkul k\u0131ymeti, \u00f6deme alaca\u011f\u0131 veya finansal varl\u0131\u011f\u0131 m\u00fclkiyet alan\u0131yla ba\u011flant\u0131l\u0131d\u0131r. Ancak kriz d\u00f6nemlerinde bu varl\u0131klara eri\u015fim teknik veya hukuki s\u0131n\u0131rlamalara konu olabilir. Madde 110, bu nedenle m\u00fclkiyet hakk\u0131n\u0131, tasarruflara eri\u015fimi ve hukuk g\u00fcvenli\u011fini birlikte korur. Devlet finansal sistemi kurtarmak i\u00e7in baz\u0131 s\u0131n\u0131rlamalar getirebilir; fakat vatanda\u015f\u0131n tasarrufuna eri\u015fimini \u00f6l\u00e7\u00fcs\u00fcz bi\u00e7imde engelleyemez. S\u0131n\u0131rlama varsa amac\u0131, s\u00fcresi, kapsam\u0131, kanuni dayana\u011f\u0131 ve denetim yolu belirli olmal\u0131d\u0131r. Bu yakla\u015f\u0131m finansal istikrar\u0131 insan \u00f6l\u00e7e\u011fine indirir. Finansal sistem yaln\u0131z kurumlar\u0131n bilan\u00e7osu de\u011fildir. \u0130nsanlar\u0131n y\u0131llarca biriktirdi\u011fi eme\u011fin, ticari s\u00f6zle\u015fmelerin ve ekonomik g\u00fcvenin ta\u015f\u0131y\u0131c\u0131s\u0131d\u0131r. Bu nedenle kriz hukuku, m\u00fclkiyet ve tasarruf g\u00fcvenli\u011fiyle birlikte d\u00fc\u015f\u00fcn\u00fclmelidir. Sermaye hareketleri ve s\u00f6zle\u015fme g\u00fcvenli\u011fi Madde 110, al\u0131nan tedbirlerin sermaye hareketlerini, m\u00fclkiyet hakk\u0131n\u0131 veya s\u00f6zle\u015fme g\u00fcvenli\u011fini \u00f6l\u00e7\u00fcs\u00fcz zedeleyemeyece\u011fini belirtir. Bu h\u00fck\u00fcm, finansal kriz tedbirlerinin ekonomik ili\u015fkileri tamamen belirsiz h\u00e2le getirmesini \u00f6nler. Sermaye hareketleri \u00fczerinde s\u0131n\u0131rlama baz\u0131 ola\u011fan\u00fcst\u00fc ko\u015fullarda tart\u0131\u015f\u0131labilir; fakat s\u0131n\u0131rlama belirsiz, s\u0131n\u0131rs\u0131z veya keyf\u00ee olamaz. S\u00f6zle\u015fme g\u00fcvenli\u011fi de ayn\u0131 derecede \u00f6nemlidir. Finansal sistemin temelinde s\u00f6zle\u015fmeler vard\u0131r: kredi s\u00f6zle\u015fmesi, mevduat ili\u015fkisi, \u00f6deme taahh\u00fcd\u00fc, sigorta, sermaye piyasas\u0131 i\u015flemi, ticari finansman ve bor\u00e7 ili\u015fkileri. Devlet kriz tedbiri al\u0131rken bu s\u00f6zle\u015fmeleri tamamen \u00f6ng\u00f6r\u00fclemez h\u00e2le getirirse, piyasa g\u00fcveni zedelenir. Bu nedenle Madde 110, kriz tedbirlerini \u00f6l\u00e7\u00fcl\u00fcl\u00fckle s\u0131n\u0131rlar. Ama\u00e7 finansal sistemi korumakt\u0131r; s\u00f6zle\u015fme hukukunu belirsizle\u015ftirmek veya belirli akt\u00f6rlere ayr\u0131cal\u0131k sa\u011flamak de\u011fildir. Kamu zarar\u0131n\u0131 \u00f6nlemek ile zarar\u0131 kamuya y\u0131kmak ayn\u0131 \u015fey de\u011fildir Madde 110\u2019un son c\u00fcmlesi k\u0131sa ama \u00e7ok g\u00fc\u00e7l\u00fcd\u00fcr: Zararlar kamuya belirsiz, s\u0131n\u0131rs\u0131z veya ayr\u0131cal\u0131kl\u0131 bi\u00e7imde y\u00fcklenemez. Bu h\u00fck\u00fcm, finansal kriz y\u00f6netiminde en kritik anayasal g\u00fcvencelerden biridir. Kriz d\u00f6nemlerinde baz\u0131 finansal kurumlar\u0131n, \u015firketlerin veya piyasa akt\u00f6rlerinin zararlar\u0131n\u0131n kamu kaynaklar\u0131yla kar\u015f\u0131lanmas\u0131 g\u00fcndeme gelebilir. Ancak kamu kayna\u011f\u0131 s\u0131n\u0131rs\u0131z kurtarma arac\u0131 de\u011fildir. Devlet finansal sistemin \u00e7\u00f6kmesini \u00f6nlemek i\u00e7in tedbir alabilir. Fakat bu tedbir, belirli akt\u00f6rlerin zarar\u0131n\u0131 belirsiz bi\u00e7imde topluma aktarma yolu olamaz. Kamu zarar\u0131n\u0131 \u00f6nlemek ile \u00f6zel zarar\u0131 kamuya y\u00fcklemek farkl\u0131 \u015feylerdir. Birincisi finansal istikrar\u0131 korur; ikincisi adalet duygusunu ve mali disiplini bozar. IMF\u2019nin sistemik \u00f6neme sahip finansal kurumlar\u0131n \u00e7\u00f6z\u00fcm\u00fcne ili\u015fkin de\u011ferlendirmesi, b\u00fcy\u00fck finansal kurulu\u015flara verilen kamu deste\u011finin maliyetli olabildi\u011fini ve ahlaki tehlikeyi art\u0131rabildi\u011fini belirtir. Madde 110\u2019un kamuya s\u0131n\u0131rs\u0131z zarar y\u00fckleme yasa\u011f\u0131, bu riski anayasal d\u00fczeyde s\u0131n\u0131rlamay\u0131 ama\u00e7lar. Finansal kriz tedbirlerinde be\u015f anayasal soru Madde 110, kriz tedbirlerini tamamen yasaklamaz; fakat her tedbirin anayasal bir s\u0131navdan ge\u00e7mesini ister. Bu s\u0131nav pratikte be\u015f soru \u00fczerinden okunabilir: Kanuni dayanak var m\u0131? S\u0131n\u0131rlama a\u00e7\u0131k bir kanuna dayan\u0131yor mu? \u00d6l\u00e7\u00fcl\u00fcl\u00fck korunuyor mu? Tedbir krizin gerektirdi\u011fi s\u0131n\u0131r\u0131 a\u015f\u0131yor mu? TBMM denetimi a\u00e7\u0131k m\u0131? Tedbir demokratik mali ve hukuki denetime tabi mi? Tasarruflara eri\u015fim \u00f6l\u00e7\u00fcs\u00fcz zedeleniyor mu? Vatanda\u015f\u0131n m\u00fclkiyet ve eri\u015fim g\u00fcvenli\u011fi korunuyor mu? Zarar kamuya belirsiz y\u00fckleniyor mu? Belirli akt\u00f6rlerin zarar\u0131 s\u0131n\u0131rs\u0131z bi\u00e7imde toplumun s\u0131rt\u0131na m\u0131 aktar\u0131l\u0131yor? Bu be\u015f soru, finansal istikrar tedbirlerini panik y\u00f6netiminden anayasal y\u00f6netime ta\u015f\u0131r. Devlet krize kar\u015f\u0131 hareket eder; fakat hareketini hukuk, \u00f6l\u00e7\u00fc ve hesap verebilirlik i\u00e7inde yapar. Dijital piyasalar neden bu maddeye girmi\u015ftir? Madde 110\u2019un dijital piyasalar\u0131 tekelle\u015fme, kartelle\u015fme, h\u00e2kim durumun k\u00f6t\u00fcye kullan\u0131lmas\u0131 ve haks\u0131z rekabet ba\u011flam\u0131nda saymas\u0131 \u00e7a\u011fda\u015f bir tercihtir. \u00c7\u00fcnk\u00fc dijital piyasalar yaln\u0131z teknoloji alan\u0131 de\u011fildir; \u00f6deme sistemleri, finansal veri, kredi puanlama, platform ekonomisi, dijital c\u00fczdanlar, \u00e7evrim i\u00e7i ticaret ve reklam piyasalar\u0131 \u00fczerinden finansal istikrarla do\u011frudan ba\u011flant\u0131l\u0131 olabilir. Dijital piyasalarda rekabet bozuldu\u011funda yaln\u0131z t\u00fcketici se\u00e7ene\u011fi azalmaz; veri tekeli, fiyatlama g\u00fcc\u00fc, \u00f6deme altyap\u0131s\u0131 kontrol\u00fc ve finansal eri\u015fim \u00fczerinde de yo\u011funla\u015fma olu\u015fabilir. Bu durum hem piyasa adaletini hem sistemik dayan\u0131kl\u0131l\u0131\u011f\u0131 etkileyebilir. Bu nedenle Madde 110, klasik mal ve hizmet piyasalar\u0131n\u0131n yan\u0131na sermaye, kredi ve dijital piyasalar\u0131 da ekler. Finansal istikrar art\u0131k yaln\u0131z bankalar\u0131n sa\u011flaml\u0131\u011f\u0131 de\u011fil, dijital altyap\u0131 ve platform g\u00fcc\u00fcn\u00fcn de hukuka ba\u011fl\u0131 \u00e7al\u0131\u015fmas\u0131yla ilgilidir. Finansal istikrar\u0131n koruma alanlar\u0131 Koruma Alan\u0131 Madde 110\u2019daki \u0130\u015flevi S\u0131n\u0131r \u0130lkesi \u00d6deme sistemleri G\u00fcnl\u00fck ekonomik ak\u0131\u015f\u0131n kesintisiz s\u00fcrmesini sa\u011flar. S\u0131n\u0131rlamalar \u00f6l\u00e7\u00fcl\u00fc ve kanuni olmal\u0131d\u0131r. Tasarruf sahipleri Mevduat ve birikim g\u00fcvenini korur. Tasarruflara eri\u015fim \u00f6l\u00e7\u00fcs\u00fcz zedelenemez. Kredi piyasalar\u0131 \u00dcretim, yat\u0131r\u0131m ve ticaretin sa\u011fl\u0131kl\u0131 finansman\u0131n\u0131 destekler. Keyf\u00ee y\u00f6nlendirme yap\u0131lamaz. Rekabet d\u00fczeni Tekelle\u015fme, kartel ve haks\u0131z rekabeti \u00f6nler. H\u00e2kim durum k\u00f6t\u00fcye kullan\u0131lamaz. Kriz s\u0131n\u0131rlamalar\u0131 Finansal sistemin \u00e7\u00f6kmesini \u00f6nlemeye yarar. Kanuni dayanak, \u00f6l\u00e7\u00fcl\u00fcl\u00fck ve TBMM denetimi gerekir. Kamu zarar\u0131 Kriz maliyetinin belirsiz bi\u00e7imde topluma y\u00fcklenmesini engeller. Zararlar kamuya s\u0131n\u0131rs\u0131z veya ayr\u0131cal\u0131kl\u0131 y\u00fcklenemez. Bu tablo, finansal istikrar kavram\u0131n\u0131n yaln\u0131z piyasa sakinli\u011fi anlam\u0131na gelmedi\u011fini g\u00f6sterir. Madde 110\u2019da finansal istikrar; tasarruf, rekabet, m\u00fclkiyet, \u00f6deme altyap\u0131s\u0131, kriz y\u00f6netimi ve kamu maliyesiyle birlikte kurulan \u00e7ok katmanl\u0131 bir g\u00fcvence alan\u0131d\u0131r. Sonu\u00e7: Finansal istikrar g\u00fcveni korur, keyf\u00ee m\u00fcdahaleyi s\u0131n\u0131rl\u0131 tutar Finansal istikrar, Milli Liyakat Anayasas\u0131 i\u00e7inde finansal sistemin \u00e7\u00f6kmesini \u00f6nleyen, \u00f6deme sistemlerinin s\u00fcreklili\u011fini sa\u011flayan, tasarruf sahiplerini koruyan ve kredi piyasalar\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesini g\u00f6zeten temel ekonomik g\u00fcvenlik ilkesidir. Madde 110, devletin finansal kriz tedbirlerini \u00f6l\u00e7\u00fcl\u00fc ve kamu zarar\u0131n\u0131 \u00f6nleyici \u015fekilde uygulayaca\u011f\u0131n\u0131 belirtir. B\u00f6ylece kriz an\u0131nda devletin tamamen pasif kalmas\u0131 de\u011fil, fakat m\u00fcdahale yetkisini hukuk i\u00e7inde kullanmas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcr. Bu maddenin en g\u00fc\u00e7l\u00fc taraf\u0131, finansal istikrar\u0131 rekabet d\u00fczeniyle birlikte d\u00fc\u015f\u00fcnmesidir. Devlet; mal, hizmet, sermaye, kredi ve dijital piyasalarda tekelle\u015fme, kartelle\u015fme, h\u00e2kim durumun k\u00f6t\u00fcye kullan\u0131lmas\u0131 ve haks\u0131z rekabeti \u00f6nler. \u00c7\u00fcnk\u00fc sa\u011fl\u0131kl\u0131 finansal sistem yaln\u0131z bankalar\u0131n ayakta kalmas\u0131yla de\u011fil, piyasa yap\u0131s\u0131n\u0131n adil, rekabet\u00e7i ve \u00f6ng\u00f6r\u00fclebilir kalmas\u0131yla m\u00fcmk\u00fcnd\u00fcr. Sonu\u00e7 olarak Madde 110, kriz s\u0131n\u0131rlamalar\u0131n\u0131 kabul eder; fakat bu s\u0131n\u0131rlamalar\u0131 kanuni dayanak, \u00f6l\u00e7\u00fcl\u00fcl\u00fck, T\u00fcrkiye B\u00fcy\u00fck Millet Meclisi denetimi, m\u00fclkiyet hakk\u0131, tasarruflara eri\u015fim ve hukuk g\u00fcvenli\u011fiyle s\u0131n\u0131rlar. Yetkiler piyasa akt\u00f6rlerini keyf\u00ee y\u00f6nlendirme veya b\u00fct\u00e7e d\u0131\u015f\u0131 y\u00fck\u00fcml\u00fcl\u00fck olu\u015fturma arac\u0131 olarak kullan\u0131lamaz. Zararlar kamuya belirsiz, s\u0131n\u0131rs\u0131z veya ayr\u0131cal\u0131kl\u0131 bi\u00e7imde y\u00fcklenemez. Bu nedenle finansal istikrar, bu anayasa modelinde tasarruflar\u0131n korunmas\u0131, \u00f6deme sistemlerinin s\u00fcreklili\u011fi, kredi piyasalar\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesi, rekabet d\u00fczeni, \u00f6l\u00e7\u00fcl\u00fc kriz tedbirleri, m\u00fclkiyet hakk\u0131 ve kamu zarar\u0131n\u0131n \u00f6nlenmesi aras\u0131nda kurulmu\u015f temel ekonomik g\u00fcvence sistemidir.<\/p>\n","protected":false},"author":1,"featured_media":407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi-butce-ve-kamu-kaynaklari"],"_links":{"self":[{"href":"https:\/\/milliliyakat.com\/blog\/wp-json\/wp\/v2\/posts\/406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/milliliyakat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/milliliyakat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/milliliyakat.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/milliliyakat.com\/blog\/wp-json\/wp\/v2\/comments?post=406"}],"version-history":[{"count":1,"href":"https:\/\/milliliyakat.com\/blog\/wp-json\/wp\/v2\/posts\/406\/revisions"}],"predecessor-version":[{"id":408,"href":"https:\/\/milliliyakat.com\/blog\/wp-json\/wp\/v2\/posts\/406\/revisions\/408"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/milliliyakat.com\/blog\/wp-json\/wp\/v2\/media\/407"}],"wp:attachment":[{"href":"https:\/\/milliliyakat.com\/blog\/wp-json\/wp\/v2\/media?parent=406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/milliliyakat.com\/blog\/wp-json\/wp\/v2\/categories?post=406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/milliliyakat.com\/blog\/wp-json\/wp\/v2\/tags?post=406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}