Turkey’s Transformation: Erdogan Sworn In With New, Sweeping Powers
Turkey’s Transformation: Erdogan Sworn In With New, Sweeping Powers
The president of Turkey was just sworn in and given sweeping new powers
11 July, 2018, 10:41
Likewise, the departure of market-friendly ministers such as Mehmet Simsek, the well regarded former deputy prime minister, and Naci Agbal, previously the finance minister, has also undermined confidence. The lira, which is down some 16 percent so far this year, firmed to its highest level since mid-June before falling back to 4.61 against the dollar. The introduction of the new presidential system marks the biggest overhaul of governance since the Turkish republic was established on the ruins of the Ottoman Empire almost a century ago.
"As the 12th president [of the nation] and the first president of the presidential system, I once more vow to strengthen the unity and brotherhood of our nation, develop the country, and elevate the state".
The currency has been battered by concern about Erdogan's drive for lower interest rates and comments he made in May saying he planned to take greater control of the economy after the June 24 elections.
Mr Erdogan has largely ruled by fiat since 2016, when he imposed a state of emergency on the country in response to a failed coup attempt against him.
Assuming the new executive presidency he has long fought to establish, Erdogan earlier took the oath of office in parliament before addressing worldwide leaders gathered at the presidential palace in Ankara. "With the power granted to us by the new presidential system, we will get quicker and stronger results". Erdogan has described the consolidation as a means to eliminate governmental inefficiency, and his base views his consolidation of authority as a deserved outcome for a leader who has instilled Islamic values in public life, according to Reuters.
After taking the oath, Erdogan plans to visit the mausoleum of Mustafa Kemal Ataturk, the founder of the modern, secular, Turkish Republic. Under controversial constitutional reforms approved by a referendum past year, parliament has been weakened and the post of prime minister abolished. "In other words, Turkey will be an institutionalized autocracy", former EU Ambassador to Turkey Marc Pierini said.
Erdgoan has said he will announce the cabinet on Monday night, promising to make appointments from outside parliament and to slim down his ministerial team to 16 from more than 20.
But the pro-government daily Yeni Safak hailed it as an "historic day", saying: "One page is closing in Turkish history and a new page is opening".
In the aftermath of the 2016 coup, Turkey, a member of the North Atlantic Treaty Organisation military alliance and still nominally a candidate to join the European Union, has detained some 160,000 people, jailed journalists and shut down dozens of media outlets.
The markets will keep a close eye on economic appointments, keen to see a steady hand at the helm in a fast-growing economy dogged by double-digit inflation and a widening current account deficit.
"When you scrap the five-year term you remove this shield", he said.
He won last month's election with 52.6 per cent of the vote, ushered in the executive presidency that ends parliamentary governance and boosts the powers of the formerly ceremonial presidency.
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