Ali Babacan: Erdogan looking for an opportunity to call elections

Babacan: Timing of Elections Depends on Erdoğan’s Political Calculus

Former Deputy Prime Minister Ali Babacan said early elections in Türkiye are effectively a constitutional necessity if President Recep Tayyip Erdoğan seeks to run again, but stressed that the timing will ultimately depend on political advantage. Babacan also criticized current economic policies, warned of damage to SMEs, and called for merit-based reforms in defense and governance.

“Election Timing Will Be Determined by Political Advantage”

Ali Babacan stated that growing discussions around early elections are rooted in constitutional realities rather than speculation.

Speaking about the electoral process, Babacan explained:

• President Erdoğan can call elections unilaterally, or
• Parliament can trigger early elections with a 360-vote majority

However, he emphasized that Erdoğan’s eligibility to run again depends on a parliamentary decision for early elections.

Babacan said:

“If Erdoğan wants to run again, the election must technically be brought forward through a parliamentary decision. Even moving the election forward by a week qualifies as early elections.”

He added that the real question is political timing:

“The key issue is when it will serve Erdoğan’s interests. He will calculate how much of the current term he is willing to sacrifice in order to secure another five-year mandate.”

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Criticism of Economic Policy: “Winners Are Foreign Investors”

Babacan delivered sharp criticism of current economic policies, particularly the strategy of maintaining a strong currency through high interest rates.

He argued that:

• High interest rates are being used to attract foreign capital
• Central bank reserves are deployed to stabilize the exchange rate
• The primary goal is not disinflation, but currency support

According to Babacan:

“Foreign investors bringing in dollars or euros are earning returns they cannot achieve anywhere else in the world.”

He contrasted this with the domestic impact:

• Winners: Foreign investors benefiting from high interest rates
• Losers: Turkish SMEs and industrial producers

“Those who produce and export through hard work are the ones paying the price.”

“Economic Stability Is True Nationalism”

Babacan also addressed debates around nationalism, offering an economic definition rather than a rhetorical one.

He argued that:

• Reducing inflation to single digits
• Maintaining currency stability
• Strengthening purchasing power

should be seen as core elements of national interest.

Referring to his time in government, Babacan said:

“Protecting the value of our currency and keeping inflation low is real nationalism.”

He also stressed inclusivity, defining nationalism as embracing all citizens regardless of ethnic or religious background.

Defense Industry: “Competition Is Essential”

On defense industry investments, Babacan acknowledged the importance of state support but warned against concentration and lack of transparency.

He argued that:

• State support should be fair and transparent
• Multiple firms should be encouraged to compete
• Merit-based competition strengthens global competitiveness

“Companies that learn to compete domestically will succeed internationally.”

A Reflection on Türkiye’s Past Global Appeal

Babacan concluded with a personal anecdote highlighting Türkiye’s former international appeal.

He recalled that former World Bank President James Wolfensohn once expressed a desire to live in Istanbul after his tenure.

“There was a time when young Europeans wanted to come to Türkiye for internships and work opportunities. Even a global figure like Wolfensohn wanted to spend his later years in Istanbul.”

He contrasted this with the current trend of outward migration, noting that Türkiye had previously been a destination of opportunity rather than departure.