Erdogan has appointed the Finance Minister of Turkey, his son

Sergei Bobylev  TASS

Only hours after being sworn into office on Monday, Turkish President Tayyip Erdogan managed to rattle markets with a leadership shakeup, taking advantage of sweeping new powers that were decided on in a tightly contested referendum past year.

The president will also have the power to dissolve parliament, issue executive decrees and impose a state of emergency.

Fuat Oktay, a former head of Turkey's emergencies agency, has been named as the sole vice president, a newly-created post.

"We are leaving behind the system that has in the past cost our country a heavy price in political and economic chaos", Erdogan told guests Monday evening, Reuters reported.

"Turkey will write a new story", he promised.

Erdogan pledged to "reinforce the social state" in the new era and "leave behind the days that people were externalized and alienated for whatever reason".

Under the new executive presidential system, the Cabinet will be reduced from 26 to 16 while the Prime Minister's office will be abolished.

Under the new system, the president forms government, appoints ministers, vice-presidents and high-level bureaucrats.

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Erdogan argues eliminating the position of prime minister will avoid disagreements and make decision making quicker.

Erdogan has described high interest rates as "the mother and father of all evil", and said in May he would expect to wield greater economic control after the election. Erdoĝan has repeatedly clashed with strategic allies such as the U.S. and the European Union in recent years over the war in Syria, Turkey's accession to the EU, human rights abuses by Ankara, Europe's failure to support Turkey during the coup attempt, and rising Islamophobia in Europe.

Parallel to the ministries, nine councils dealing with issues ranging from social policy to security and foreign policy will develop, supervise and coordinate relevant policy suggestions.

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.

Foreign Minister will remain Mevlut Cavusoglu. Investors, who fear the economy is growing too quickly, are concerned that Albayrak will pursue economic policies that aggressively prioritize growth while ignoring the dangers of rising inflation and debt.

Mr Erdogan is now the country's most powerful leader since Ataturk: modern Turkey's secular founding father, who saw Turkey as part of the west.

Before Erdogan, the role of the Turkish president was largely ceremonial.

He will then head to more challenging encounters at a North Atlantic Treaty Organisation summit in Brussels where he will meet with USA counterpart Donald Trump.

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