In the economist’s assessment, the president’s criticisms of the autarchy are meant to promote debate and do not harm the economy
Approved by the Senate to assume the Monetary Policy directorate of the BC (Central Bank), economist Gabriel Galípolo said that the president’s statements Luiz Inacio Lula da Silva (PT), which nominated him for the post, must be listened to, as he carries the legitimacy of 60 million votes.
“The president has the freedom and legitimacy to speak about whatever he wants. Of all of us who are also giving an opinion about what we want, he is the only one who gives an opinion with 60 million votes. If anyone has the legitimacy to speak, it’s him”, said Galípolo in an interview with Folha de S. Paulopublished on Thursday night (Jul 6, 2023).
“And not only for the votes, but it is the 3rd term. He is an experienced politician, who knows economics because he has lived it. He can speak with authority on the topic”, he completed.
In the economist’s evaluation, the speeches of the President of the Republic criticizing the maintenance of the Selic at 13.75%, the performance of the BC president, Roberto Campo Neto, and the autonomy of the autarchy do not negatively impact the economy.
“I think he [Lula] manages to promote public debate, which is a bit the function and desire of the president, to promote public debate. (…) There is no one more qualified than him to know the meaning and purpose of each of his lines. I’m sure he’s aware of that.”
Read more:
The economist pointed out that the Central Bank “has technical and operational autonomy“, but “the economic fate of the country, it is obvious that it is decided at the ballot box. Just look at how much the economic debate occupies electoral disputes”.
In the interview, Galípolo avoided talking about his projections for the interest rate, as he considers that any statement from him “may disrupt the market”. However, the economist pointed out that the financial market is projecting a lower future interest rate, which already serves as a reference for credit lines.
Questioned about his role at BC, Galípolo said that, just as he did at the Executive Secretariat of the Ministry of Finance, he will be a kind of translator from the language of the financial market to that of politics.
“I had the privilege of passing through the 2 [setores] and I think a lot of my work was trying to reduce noise and establish a smoother communication. I think my role goes a bit there. Now, between the Central Bank and the government and also the Legislature and society”, he explained.
#important #listen #Lula #Galípolo #director