Campos Neto negotiates with the PEC government that expands BC autonomy

The president of the Central Bank, Roberto Campos Neto, negotiates with the Minister of Finance, Fernando Haddad, the approval of a Proposed Amendment to the Constitution (PEC) that expands the institution’s autonomy. The statement was made in an interview with Folha de S.Paulo.

Presented in November last year by senator Vanderlan Cardoso (PSD-GO), the proposal would transform the BC, a federal agency with a budget linked to the Union, into a public company with total financial and budgetary autonomy, under the supervision of the National Congress.

When justifying support for the PEC, Campos Neto notes that more than 90% of the world’s central banks with operational autonomy also have financial autonomy. “Financial autonomy is a step towards improving the BC’s autonomy framework”, he says. According to him, several BC directors participated in the preparation of the PEC.

Campos Neto said that he spoke with Haddad about the proposal and that “nothing will be done by default.” “It is important for the government to agree with our proposal, which is an institutional advance for Brazil”, says the president of the BC, adding that the PEC can be improved. “We need to understand if there is something that bothers [o governo] within the scope of governance. We have a lot of wiggle room to get this right.”