Federico Sturzenegger assured that the Central Bank was not independent during his tenure

Central Bank President Federico Sturzenegger reappeared this weekend with paper at the Brookings Institution, a thinking group based in Washington. "If the macroeconomic legacy received by the government was not ideal, you can not blame the results", remarks in a chapter of his presentation.

"The target inflation regimes presuppose the independence of the Central Bank and a preponderance over the budget area. If the BCRA had been independent, the policy change that would have disbursed expectations after the 28D would not have occurred, "said the former head in the document, he hinted at the day of the press conference at which they announced a 10% inflation target for 2018.

The economist said that day, the Treasury wanted to curb inflation for tax reasons and that the Ministry of Finance had asked for shorter deadlines for Lebac, while other members Cabinet they wanted lower interest rates, all the challenges for the policy of the plant. Macri had however decided to change the inflation targets and, if necessary, to replace the president of the BCRA, according to Sturzenegger himself.

In the text, in which he described the failures of the government's economic program, Sturzenegger also avoided being held responsible for the economic failure of the 2018 drought or external factors, such as the rate hike of interest from the US Federal Reserve. .

"At the end, the fault lies with the policies decided: the deterioration of fiscal policy in the first place and, later, the choice to bet on short-term growth, even at the price of monetary institutions and inflation, "said the former president of the BCRA.

In addition, he badyzed the devaluation generated in the country after the primary elections: "With Macri, who was apparently heading towards an electoral defeat, the end of the four years was marked by an acceleration of inflation and a devaluation because the monetary situation seemed uncertain again. "

The full report Sturzenegger