Another piece of paper from Macri and Bolsonaro | The announcement of the …

The Central Bank of Brazil has ruled out that the creation of a supranational currency between Argentina and Brazil be under badysis. The monetary authority ended up denying Brazilian President Jair Bolsonaro and Finance Minister Paulo Guedes, who had leaked the idea that they had spoken to their Argentinean counterparts, Mauricio Macri and Nicolás Dujovne. Dujovne dropped the price about and Guedes said it was his idea. Although Bolsonaro and Macri are in harmony and both with Donald Trump, their versions stem from the extreme volatility and economic uncertainty prevailing in Argentina, the stagnation of the Brazilian economy, regression of integration in the region and threats of disintegration of the Brazilian economy. Mercosur and barriers to Brazilian imports recently presented by Macri.

"There is only, as is natural in the relations between partners, dialogues on macroeconomic stability, as well as debates on risk reduction, vulnerabilities and institutional strengthening." The Central Bank of Brazil has no plans or studies in progress for a monetary union. with Argentina, "said the central bank of the neighboring country in a statement.This statement contradicts President Bolsonaro, who, during an official visit to Argentina, said that" we have made the first step towards a single currency. "The Brazilian president and his minister Paulo Guedes also raised the issue at a meeting with Argentines and Brazilians, saying that the name of the currency would be" real weight "and that the policies macroeconomic policies should be coordinated.

Quickly, the Central Bank gave way to the game of Bolsonaro and Guedes. "Of course, the Central Bank has no project on this issue, the idea is mine," Guedes said. Similarly, Minister Dujovne said that the draft common currency "has no term yet." "This is a project that we discussed with Paulo Guedes, for the moment it is an idea that we share: Argentina and Brazil should integrate more, open their economy, converge towards a common currency would be a means of promoting greater stability and more intense trade between the two countries, "he added.

These twists around the so-called common currency project appear in a context of strong political harmony between Bolsonaro and Macri, which economically manage the neoliberal administrations, with the pretension of advancing structural reforms in the fields of social security, labor and social security. trade. outside The political communion between Argentina and Brazil is for the third stage the United States, which finds in both governments their best allies against Venezuela Maduro. However, in terms of real integration, there have been setbacks lately. It is worth recalling the statements of Guedes at the beginning of the Bolsonaro government, in which he stated that "Argentina is not a priority and that Mercosur is not a priority either".

The former president of the Argentine Central Bank, Alejandro Vanoli, said on the website of Politica Argentina that "Dujovne was seeking a title in a media, but they are not at all under the conditions of". a common currency ". The lack of seriousness of the statement is obvious with the denial of the Brazilian Central Bank: There is still no exchange between the BCRA and Brazil, which would be the first necessary step ". In the medium term it is desirable to deepen the process of integration, Argentina and Brazil are now very volatile economies, with very different economic cycles and economic structure. very uneven. "The first thing to do is to go back to the fundamental principle of the customs union". Mercedes Marcó del Pont, who was also chairman of the national monetary authority, felt that "it was irresponsible to leave this in the void". It is negative to raise such a discussion in economies that have enormous asymmetries in terms of macroeconomic policy and with example to the European Union, where the processes of the single currency have caused distortions in countries as well. various in terms of production capacity ".