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Campos Neto says B.C.’s autonomy resists and favors Lula

Campos Neto says B.C.’s autonomy resists and favors Lula

The central bank chief says he rates the criticism as “normal” and that lower inflation has helped the government

Roberto Campos Neto, the 54-year-old head of the British central bank, said the institution’s independence resisted polarization in the country. He was interviewed this Thursday (August 17, 2023) by the Managing Editor of a newspaper The power is 360Fernando Rodriguez.

We are going through the first great test of autonomy, in an environment where the country is polarizedCampos Neto said. “We learn to live independentlyHe said. British Columbia has been self-governing since 2021. Campos Neto’s mandate will run until the end of 2024.

And he downplayed the president’s criticism Luiz Inacio Lula da Silva (PT) and other members of the government at the Selic level, which is the basic interest rate set by BC.

her nature. We have always said that we have to respect the outcome of the ballot, the democratic election. A new boss came along who sometimes has a say in interest rates, and that’s part of the process. What we’re trying to show, and I think history will show that, is that the decisions were technical“, He said.

He stated that criticism never It made him consider leaving office and having a commitment with the senators who accepted BC’s independence and his name as president. He also denied the possibility of standing for election after leaving British Columbia. He intends to return to work in the private sector.

Watch the full interview (1 hour, 2 minutes, 24 seconds):

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Squid feature

The British Columbia President stated that the high interest rate was positive for the start of the Labor Party’s term. Since Cilic was still at 13.75% in 2022, Lula took over with constantly lower inflation.

Campos Neto said he was with the president after the election at the Melia Hotel, where the Workers’ Party candidate was staying in Brasilia. Since Lula took office, there has been no meeting. The head of the central bank said he was ready to meet with him and the ministers to explain monetary policy.

For him, low inflation and goal setting allowed Selic to be lowered. He stated that there are members of the Monetary Authority who wanted to leave.the door is open” To further reduce interest rates. He declared that the split among BC directors on August 2nd Cobum inherited from the June 21st meeting, when there was a disagreement over what language to use to signal the possibility of lower interest rates.

The head of BC said that 0.5 pages is “suitable courseAny change in the interest rate above that would be too high.

Here are other excerpts from the interview:

  • fiduciaryHe said It is necessary to find a solution that solves the problem of default and does not affect the consumption of the population. Among the measures, according to him, is monitoring the issuance of credit cards.
  • Misreading of the epidemic – He said that economists around the world expected inflation to be much lower than it came in and that there was a misreading of the effects of the pandemic. He said that it was wrong to think that an injection of money into the economy in the amount that had been injected would solve the situation;
  • inability He mentioned that Brazil hasRelatively high real spending growth compared to the emerging world’, which will make it difficult to eliminate the deficit in 2024. He referred to administrative reform as desirable and said that solutions need to be structured;
  • international scene He mentioned that the slowdown in the Chinese economy has global implications:When China sneezes, the emerging world catches a cold“;
  • Argentina – He saidIt is difficult to implement the dollarization of the Argentine economyThe proposal was submitted by Javier Meili, the right-wing candidate first place in the primaries;
  • pix – He mentioned that the Central Bank aims to create competition in the banking system, combining service and open finance, as financial institutions begin to exchange data.
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Read more about what Campos Neto said in his interview The power is 360:

  • Campos Neto says Brazil lags behind Venezuela in credit recovery;
  • Campos Neto said High Selic relaxed Lula’s mandate on inflation;
  • Campos Neto sees a “high bar” for interest rate cuts above 0.5 pp;
  • Campos Neto says British Columbia is undergoing its first major test of autonomy;
  • Campos Neto says I am open to talking to Lola at any time;
  • Campos Neto says that dollarization of the Argentine economy is not easy;
  • Haddad is very committed to financial improvement, says Campos Neto;
  • Campos Neto says he never considered leaving the central bank;
  • Campos Neto says Brazil has made “the wrong analysis” about the pandemic;
  • Campos Neto rules out running for re-election after leaving British Columbia in 2024;
  • After taking office, Lula never called Campos Neto to talk;
  • Campos Neto says Moment is not facilitating Javier Milli’s economic plan;
  • Campos Neto says the red budget is a structural problem;
  • Campos Neto says that Chinese aging brings economic slowdown;
  • Nobody suggested ending the annuities, says Campos Neto.