"INSTITUTIONALISED AUTOCRACY " Marc Pierini, a former European Union ambassador to Turkey and visiting scholar at Carnegie Europe, said Erdogan´s new powers would effectively make him a "super-executive president".
He then unveiled the first cabinet under the new system, appointing his son-in-law Berat Albayrak, 40, to the crucial post of finance minister, in a move that appeared to rattle markets.
"We are leaving behind the system that has in the past cost our country a heavy price in political and economic chaos", said Erdogan in an address late on Monday.
The Turkish lira lost 3.5 percent in value on the news to trade at 4.73 lira to the dollar.
Chief of General Staff General Hulusi Akar joined the cabinet as defense minister.
Foreign Minister Mevlut Cavusoglu, Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul have retained their portfolios in the new cabinet.
"With the power granted to us by the new presidential system, we will be getting quicker and stronger results", he said as new members of parliament began to take their oath of office.
Erdogan has also pledged to end the state of emergency that has been in place since the failed July 2016 coup and which has seen the biggest purge in the history of modern Turkey. "Both are about the main political choices of the government regarding how Turkey integrates with the outer world and how these choices will help it fix its broken image in the eyes of the global community", Demirtas said.
His supporters see them as just reward for a leader who has put Islamist values at the core of public life, championed the pious working classes and built airports, hospitals and schools.
"Most powers will be concentrated in his hands, there will no longer be a prime minister, and nearly none of the checks and balances of liberal democracies will be present".
A ceremony at the presidential palace that will follow later on Monday was scheduled to be attended by dozens of foreign leaders and dignitaries, including Russian Prime Minister Dmitry Medvedev, Venezuelan President Nicolas Maduro and Qatari Emir Sheikh Tamim bin Hamad Al Thani. Erdoĝan has repeatedly clashed with strategic allies such as the United States 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.
Investors are also keen for details on Erdogan's new economic team, which is expected to be announced later on Monday.
The new government faces immediate economic challenges.
In a speech on Saturday, Erdogan said he would tackle high-interest rates, inflation and a wide current account deficit.
"When you scrap the five-year term you remove this shield", he said. The 64-year-old president, who has governed since 2003, won a mandate in the June 24 elections to govern with sweeping new powers on the platform that a powerful presidential office would ensure stability in turbulent times.
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