Turkey's new finance minister, Mehmet Simsek, used his first appearance after the swearing-in ceremony to gain the trust of international investors. "Turkey has no choice but to return to a rational policy," he said in Ankara on Sunday. He promised transparency and predictability.

Friederike Böge

Political correspondent for Turkey, Iran, Afghanistan and Pakistan based in Ankara.

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The fact that Recep Tayyip Erdogan has entrusted the respected economist with the finance portfolio shows that the president, after his re-election, is giving priority to stabilizing the economy. The appointment points to a U-turn in economic policy after Erdogan's insistence on low interest rates has long fueled inflation and scared off Western investors with capital controls.

Simsek was already responsible for Turkey's fiscal policy until 2018. When he was replaced five years ago by Erdogan's son-in-law, Berat Albayrak, it was seen as symptomatic of an economic policy that was increasingly moving away from Orthodox doctrine.

Even before the election, the president had tried to get Simsek, who is of Kurdish origin, into his campaign team. But the former Merrill Lynch banker, who has both Turkish and British citizenship, was reluctant. Now he has given in to Erdogan's wooing after all.

Soylu not in the cabinet

It can be assumed that Simsek has stipulated legroom in return. It is not only in the finance department that Erdogan is signaling more pragmatism. On his cabinet list, no name stands out as an agitator.

The biggest polariser to date, Interior Minister Süleyman Soylu, has resigned from the cabinet. Soylu regularly made a name for himself with polemics against LGBT people and members of the opposition. In Ankara, it is rumored that he was too ambitious for Erdogan. Soylu's office will be taken over by the former governor of Istanbul, Ali Yerlikaya, who has so far attracted little attention.

Among the guests who arrived for Erdogan's swearing-in was NATO Secretary General Jens Stoltenberg. In a bilateral meeting on Sunday, the two spoke again about Sweden's admission to NATO, which is still blocked by Turkey and Hungary. Subsequently, Stoltenberg appeared alone in front of the press.

His words showed no signs of progress, apart from a meeting between Turkey, Sweden and Finland scheduled for 12 June. Stoltenberg repeated his appeal to Ankara to ratify Sweden's membership before the NATO summit in Vilnius in July. Stockholm had fulfilled all the agreed obligations. With the new Turkish Defense Minister Yasar Güler, NATO will be able to live well. He is an old acquaintance and experienced military man. Since 2018, Güler has headed the General Staff.

Erdogan has appointed his former intelligence chief, Hakan Fidan, as the new foreign minister. He is a close confidant of the president. He has often been at Erdogan's side during state visits, so he is not a newcomer to the diplomatic arena. It's hard to say what Fidan stands for. For thirteen years he worked behind the scenes as head of the secret service MIT.

His role in the peace negotiations with the Kurdish guerrilla force PKK, which failed in 2015, is highlighted. Fidan also played a central role in military operations in Syria. The course in foreign policy is likely to continue to be set by Erdogan. Speaking to foreign dignitaries over the weekend, he reaffirmed his goal of "strengthening our country's position as a regional power and global player."