Mônica Bergamo: Roberto Campos meets with businessmen and says BC does not carry out fiscal policy

The president of the Central Bank, Roberto Campos, told businessmen he met in São Paulo on Friday (11) that the Brazilian fiscal crisis will continue to be a problem for the next president of the Republic, “whether he is from the right, from the left or from the center”.

VIP WALL

The statement was made at an event held by the Esfera Brasil group for entrepreneurs such as Luiz Trabuco (Bradesco), André Esteves (BTG Pactual), Isaac Sidney Ferreira (Febraban), Tony Volpon and Fábio Ermírio de Moraes.

TO LOOK

Campos said that the future ruler will need to have a “very special vision” of the most vulnerable population, which has had its problems worsened by the coronavirus epidemic. But that any help must be done “in a way that society and economic agents understand as sustainable”.

LOOK 2

He continued: “Because you don’t want to get into the dynamic, which we’ve seen in the past, of ignoring what prices are saying. At the end of the day, by injecting money into the economy, demand will generate supply – and this demand story will generate offer doesn’t work very well”.

TOPPER

“The Central Bank does not do fiscal policy. What it does is take the numbers and work out its scenarios. The message we try to convey is that there is no magic. there’s no magic”, said the BC president.

CARTOON 2

According to Campos, Brazil’s nominal GDP is basically the same today as it was in 2013. “Brazil is a huge consumer market, with a huge potential. need to do to have structural growth,” he said.

IT’S NO USE

For Campos, the government dealt with issues such as Social Security, infrastructure, subsidized credit, labor and sanitation, “but this did not change the expectations of economic agents in relation to structural growth.”

IN THE NETWORKS

​_{with LÍGIA MESQUITA, BIANKA VIEIRA and MANOELLA SMITH}