Eduardo Guardia, former finance minister, dies at 56

Economist Eduardo Refinetti Guardia died this Monday (11), aged 56.

Minister of Finance in the Michel Temer government (MDB) between April and December 2018, he held the post after Henrique Meirelles left the command of the portfolio to contest the presidential elections.

Guardia was also executive secretary of the Treasury from 2016 to 2018, still in the Temer administration, and of the National Treasury in 2002, during the presidency of Fernando Henrique Cardoso (PSDB).

Paulistano, he held the position of Secretary of Finance of the State of São Paulo, between 2003 and 2006, under the command of former governor Geraldo Alckmin (PSDB).

Doctor in economics from the Faculty of Economics and Administration of USP (University of São Paulo), he defended discipline in public spending for the resumption of sustainable growth in the absence of structural economic reforms, which he also pointed out as necessary.

He left as one of the main legacies of the economic team in which he participated, during the Temer administration, the approval of the spending ceiling, a rule that limits the expenses of federal agencies.​

He participated in the construction of the pension reform proposal that, despite being suspended due to lack of support in Congress in 2018, anticipated the debate on points that would be approved the following year by the government of President Jair Bolsonaro (PL). The creation of the minimum age for accessing pensions was one of the bases of the project.

He was recognized in the political milieu as competent and serious. His reputation as a tough negotiator and averse to debates without technical support, however, was seen as an obstacle to negotiating with Congress. He earned the nickname “Mr. No”.

In an article published in this Sheet in December 2020, he drew attention to the need to maintain the spending ceiling for the continuity of a gradual fiscal adjustment.

Months later, in the second half of 2021, the economist’s arguments would be reinforced by the turmoil in the markets generated by the intense political debate about the loosening of the fiscal anchor.

Truckers’ strike challenged passage through ministry

Weeks after taking over the Ministry of Finance with the mission of continuing the adjustment of public spending and the reform agenda initiated by predecessor Henrique Meirelles, Guardia had to deal with the truck drivers’ strike, which paralyzed the country for two weeks in May 2018. .

The agreements to dissolve the mobilization, motivated by increases in fuel prices, represented “an enormous fiscal cost”, he said, in an interview with the economic policy research institute Casa das Garças.

The damage caused by the crisis to the government was one of the main obstacles for the then minister to carry out his plan to strengthen the capital market and attract investments in the few months that remained until the end of the government.

Career mixes experiences in the public and private sectors

In February 2019, the bank BTG Pactual announced that the former minister would become a partner and CEO of its investment manager BTG Pactual Asset Management.

Guardia took office on July 1, after complying with the six-month quarantine required for federal managers to assume positions with potential conflicts of interest with their government positions.

Throughout his career, he has mixed experiences in the public and private sectors. He presided over the board of Banco do Brasil. He was executive director of BM&F Bovespa (currently B3) and chief financial officer and investor relations officer at manager GP Investments.

He also served as a member of the boards of several Brazilian companies, such as Vale, DrogaRaia, Cosipa, Cesp, CTEEP and Sabesp.

As of 2:22 pm on Monday, the family had not authorized the release of the cause of death.