Director of Monetary Policy, appointed by Lula, declared that independence is not “turning your back on society”
The Director of Monetary Policy of the B.C. (Central Bank), Gabriel Galípolo, classified this Friday (June 28, 2024) the autonomy of the monetary authority as “institutional evolution”. He stated that the BC does not have the independence to define its own goals.
Galípolo, who is tipped to become president of the Central Bank when Roberto Campos Neto leaves office, stated that autonomy is not related to “turn your back on society” or not be accountable. He said there is a lack of clarification on the topic. He participated in the event “Financial Week 2024 – Brazil’s Trajectory and Perspectives”organized by Fundação Getúlio Vargas.
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“Often when you see opposing positions on the topic, they are almost always based on different interpretations of what you are saying”he said. “There is a long way to go in terms of distance from enlightenment”he completed.
The director said that the municipality has autonomy, but not to determine its own goals and objectives. The inflation target is defined by the government, according to him.
Galípolo declared that the Legislative, Executive and BC must be in negotiation and that any institution needs to be “open to visiting about the possibilities of improving its institutional, legal and operational framework to meet its goals and objectives”.
The director also said that there is a “confusion” as if autonomy were against society or contrary to the democratic process.
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