Renowned Economist Turns Down Milei’s Offer to Lead Central Bank of Brazil, Citing Better Candidates
An economic expert has declined an offer to lead the Central Bank of Brazil from Milei. Demian Reidel, a self-proclaimed “milesta of first hora,” believes there are individuals more competent for the job. In an interview with La Nación, Reidel, an economist by profession, expressed his reservations about taking up the role, stating, “There is a difference in the formulation of policies, and there are people who can do that better.”
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Reidel’s decision to turn down Milei’s offer comes as a surprise, considering his previous role as vice president of the Central Bank during Mauricio Macri’s presidency. This background in central banking could have made him a formidable candidate for the position in Brazil. However, Reidel seems to have chosen to prioritize his relationships within the economic community, stating, “As a result, I am able to keep up good relationships with them. I fully support the Milei administration. Sou un mileísta de primeira hora.”
Milei, the newly elected President, has been outspoken about his intention to shut down the Central Bank in Argentina, citing a “moral obligation.” He is also a firm advocate for dollarizing the country’s economy, aiming to align it more closely with the stability and strength of the US dollar. These unconventional views have garnered both support and criticism from various factions within the Argentine society.
In addition to Reidel’s rejection, the Milei administration has announced their choice for the position of Minister of Economy – Luis Andrés Caputo. Caputo, a former Finance Minister and Central Bank President, has received unanimous support from the Argentine press, with many believing he is the ideal candidate for the important role. Caputo’s experience and expertise in economic matters make him a suitable choice to navigate the country’s financial challenges.
The decision to appoint Caputo to such a crucial position reflects the administration’s focus on stability and economic growth. With the country facing various economic difficulties, including inflation and a debt crisis, Caputo’s appointment may bring a renewed sense of confidence among investors and international financial institutions.
However, the Milei administration’s plans to do away with the Central Bank have raised concerns among some experts, who believe that a central bank plays a vital role in a country’s monetary system. Critics argue that eliminating the central bank could lead to an unchecked monetary policy and a lack of financial regulation, potentially destabilizing the economy in the long run.
Despite these concerns, Milei’s supporters view his unorthodox approach as a breath of fresh air in a system that has long been associated with corruption and inefficiency. Milei’s commitment to breaking away from traditional economic frameworks resonates with those who believe that radical changes are necessary to address the country’s deep-rooted economic issues.
In conclusion, Demian Reidel’s decision to decline Milei’s offer to lead the Central Bank of Brazil highlights the diverging opinions within the economic community. While some believe that Reidel’s previous experience makes him a strong contender, others argue that there are individuals better suited for the role. Additionally, the appointment of Luis Andrés Caputo as Minister of Economy reflects the Milei administration’s aim to stabilize the country’s economy and regain the trust of investors. However, the administration’s plans to eliminate the Central Bank have raised concerns among experts who believe that it plays a crucial role in maintaining a healthy monetary system.
