Sturzenegger has made self-criticism | Chronic

A year and three months after his resignation from the presidency of the Central Bank, Federico Sturzenegger He presented a paper in which he questioned the government on inflation, although he acknowledged that his goal was perhaps "too fast and aggressive " and considered that the "fault " of the economic crisis "lies in the policies that have been decided" of Casa Rosada.

According to his badysis, the problem was that "Macri's administration was stigmatized as a right-wing or center-right party and, as such, it was expected that it would begin its government with a major fiscal and monetary adjustment." the political team felt that it was necessary to eliminate this stigma. ".

He held responsible for "the choice to bet on growth in the short term, even at the expense of monetary institutions and inflation", as he described in a document that he wrote under the title "Macro Macro: the winding path leading to stability and growth".

According to his badysis, the problem was that "Macri's administration was stigmatized as a right-wing or center-right party and, as such, it was expected that it would begin its government with a major fiscal and monetary adjustment." the political team felt that it was necessary to eliminate this stigma. ".

To that end, he weakened his fight against inflation (adjusted less than he had to) and it was "a costly and obvious, but also paradoxical, political mistake for a team that had demonstrated a high degree of professionalism in its badessment of political risks and benefits, and who saw the political benefits of deflation in the 2017 parliamentary elections " regarded as Sturzenegger.

His leadership at the Central Bank ended in the midst of a financial and monetary storm. From 2015 to June 2018, the devaluation of the peso was 175% and the accumulated inflation of 95%. Shortly before his resignation, the reference rate had increased by 40% and reserves had dropped by $ 15,000 million.

At the time of self-criticism, he acknowledged that the inflation targeting policy that he had put in place during his tenure at the head of the monetary authority was perhaps "Too fast and aggressive." He had expected early 2016 that inflation in 2019 would be 5%. In this sense, he recalled that "The central leitmotif was that a change of purpose means not having a goal."

Finally evaluated: "If the macroeconomic legacy received by the government was not ideal, it is difficult to blame the results."