Under the responsibility of Paulo Guedes will be the 3rd member of the National Monetary Council – 01/01/2019 – Market

The National Monetary Council (NMC) was replaced by one of the first administrative acts of President Jair Bolsonaro (PSL).

This is the board that sets the inflation target, which sets the performance parameters of the Central Bank and the National Treasury in terms of monetary and fiscal policy.

Bolsonaro signed on Tuesday two provisional measures (1). after his term. They were published in an additional edition of the Official Journal late in the evening.

The deputies formalized the cabinet reshuffle of the new government, which reduced the number of paper pulp from 29 to 22.

In the CMN case, the merger of the Ministries of Planning and Finance under Paulo Guedes, in the Superministry of Economics. He will also be responsible for the tasks of the late Mdic (Ministry of Industry and Foreign Trade).

Since 1995, the CMN consisted of the Finance and Planning Ministers and the President of the Central Bank. As Guedes will be responsible for the first two, it was necessary to change the composition of the CMN to ensure the functioning of the college.

The solution found solves the question of double vote of Guedes, but does not dilute his eventual ascendancy in the collegiate.

In addition to Guedes and the President of the Central Bank, the council will be composed of the Special Secretary of the Treasury, a function which, in the new structure, is subordinate to the Minister of Finance. Economy.

Guedes and the future president of British Columbia, Roberto Campos Neto, have ministerial status and are therefore at a higher hierarchical level than the special secretary.

The chosen one for the position is Waldery Rodrigues Júnior, who already owned on the farm in the management Michel Temer like coordinator of the secretariat of the economic policy.

Guedes argued that the duties of special secretaries would be badogous to those of the former ministers of each portfolio that was the subject of the amalgamation. They must take an oath Wednesday (2), at the same solemnity of Guedes.

In addition to the inflation objective, the CMN defines the performance rules of financial institutions in the financial market, such as the banking sector's security and competition requirements.