Haddad: I do not believe that a recession is needed to control inflation in the country
Finance Minister Fernando Haddad said on Thursday (20) that it is not necessary to cause a recession in Brazil to crash inflation. He said that controlling price increase is the task of the government and the Central Bank (BC), which will act to reach the target. According to Haddad, the government is committed to the zero primary result and will pursue the goal.
“I don’t believe you need a recession to lower inflation in Brazil, I don’t believe it,” said Haddad, on the program “Good morning, Minister” EBC. “I think you can manage the economy in a sustainable way, without inflation leaving control.”
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The minister stated that government and BC teams have made a great effort to build an institutional relationship. He said that the management of President Luiz Inacio Lula da Silva underwent a “unprecedented experience” with a two -year transition in the BC, due to the operational autonomy of the municipality.
“It’s an unprecedented experience that happened, and I believe we try to do in the best way possible, with all the divergences that came up and everything, we try to do it in the most civilized way possible, and complete this process successfully,” he said.
The law of autonomy of the monetary authority established mandates for president and directors, and that of the head of the municipality only ends two years after the mandate of the President of the Republic began. Therefore, Roberto Campos Neto, appointed by office by former President Jair Bolsonaro, commanded the BC until December last year.
“Now, we have a board that still has two directors of the past government. So it is a transition that is not even two years old, it is greater,” he added, referring to the directors of the BC of Economic Policy, Diogo Guillen, and the organization of the financial system and resolution, nominated by former President Jair Bolsonaro and whose mandates go until December this year.
