Trabuco asks fiscal policy critics for patience – 05/04/2023 – Market

The chairman of Bradesco’s board of directors, Luiz Carlos Trabuco, said this Thursday (4) that the country cannot wait for “optimal” conditions to adopt economic measures and criticized economists who are attached to prejudices in fiscal policy.

“We call for a flexible view, we ask for patience from critics and observers regarding our fiscal and monetary policies,” he said.

Trabuco stated that the cost of capital in Brazil is “extremely high” and has hindered the performance of industry, commerce and agribusiness. He also said that the new fiscal framework signals the balance of public accounts.

“I ask you to reflect here, dear fellow councilors: it is not a question of waiting for optimal macroeconomic conditions, ideal as a starting point. We cannot be hostages of dogmas, as shown by the history of overcoming the crises that the 21st century had, crisis 2008, the pandemic, the war. We cannot be trapped by dogmas believing in what the book may dictate”, he said.

The statement was given at the installation event of the Federal Government’s Council for Economic and Sustainable Development. He spoke before President Luiz Inácio Lula da Silva (PT) took the floor.

The former president of the Brazilian Rural Society Teresa Vendramini also spoke and talked about Brazilian agribusiness. She did not directly mention the invasions carried out by the MST (Movement of Landless Rural Workers) in recent weeks, but sent a message to the movement.

“My number one agenda, and I speak sincerely on behalf of 100% of rural producers, today is called legal security, the right to private property and free enterprise, that’s what we need,” he said.

Ayla Ferreira, from the national leadership of the MST, is also on the council, but did not speak at the event.

Lula recreated the group known in previous PT administrations as the council. The collegiate brings together the different sectors of society and aims to assist in the development of public policies by the Executive.

The board has 246 members. Among them, bankers Trabuco and Neca Setúbal, influencers such as Felipe Neto, businessmen such as Rubens Ometto, Abílio Diniz and Luiza Helena Trajano, representatives of major associations such as José Roberto Tadros, from the National Confederation of Commerce.

Other well-known people, such as Bela Gil and Nath Finance, are also part of the council, as well as the former president of the STF (Federal Supreme Court) Nelson Jobim.