The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Babacan: ‘We are one government’

Since 2002, Ali Babacan has earned Turkey’s government the trust of markets. But what can the ruling party’s economy chief say to reassure investors now, after some government members’ attacks on the local financial sector? The answers are not all encouraging.

Ali Babacan, Turkey’s deputy prime minister in charge of economic and financial affairs
Ali Babacan, Turkey’s deputy prime minister in charge of economic and financial affairs

Ali Babacan has an affable manner and a courteous approach to visitors. His English is almost perfect; he speaks of financial matters with ease. It is an agreeable welcome from a man at the core of Turkey’s moderately Islamist ruling AK Party, the country’s deputy prime minister in charge of economic and financial affairs. But Babacan and his party’s decade-long honeymoon in government might be nearing an end, despite their still enjoying overwhelming electoral support. The looming withdrawal of US quantitative easing has coincided, this year, with nationwide demonstrations against the political status quo, on a scale that shocked Turks inside and outside government.

Moreover, the perception among independent economists in Turkey is that the AKP’s success in the economy has gone to its head. Another worry is that victories over a secularist military since 2007 have tipped the balance of power, making the AKP less accepting of criticism – to the point of even becoming authoritarian – and less receptive to market forces, ahead of the first mass presidential election in 2014.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree