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It sounds like a fantastic story for Edgar Allan Poe. After much searching for the contents of the mysterious ark, the stubborn investigator discovers that he is himself responsible for what is inside. Worse still, it is the mysterious content itself that is finally unveiled.
This image goes well with the inauguration last week of the new presidents of the main public banks. Once again, the issue of the BNDES 'spooky black box, examined comprehensively by the state's supervisory bodies, has been uncovered and continues to fuel a rhetoric as inflamed as it is inconclusive.
It is not a matter of denying that there is a problem. .
The bank is the main development institution of the Brazilian state.
The bank is the main development institution of the Brazilian state. The federal executive power is its sole shareholder. The President of the Republic and the Minister to whom the bank is now subordinate have extensive powers, namely the president of the institution, the directors and their board of directors.
The BNDES, on the other hand, has a collegial process of badysis and approval of in a rigid internal control. In addition, it provides detailed accounts to supervisory bodies, such as the Central Bank and the Brazilian Court of Accounts.
In other words, the federal executive has a broad power of decision, namely the definition of orientations and policies. The bureaucracy of the BNDES is sufficiently qualified and strong enough to implement them without compromise, since the financial and legal coherence is preserved by the collegiate bodies.
Bad policies can be chosen and implemented. However, its potential risks are not borne by BNDES, but by other agencies, such as the Treasury.
So, to use a sad image of that time, the BNDES is more of a revolver. The use thereof is the responsibility of the controller.
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The institutional circuit map of the BNDES leads to the cynical conclusion above: it does not escape the shots in the very foot because they teach the story and the present. And from the substantive question – the conjunction of flesh and soul, the reason for being a public bank – what can be said?
Although the Brazilian state became the genius of the moment, a government incapable of implementing public policies is not maintained. The national public machine is plastered, uneven, not very operational. Public banks, however, are an exception in this context: they have the financial and operational capacity to implement public policies.
The BNDES is the most outstanding of them in terms of excellence. The institution plays a historic role in national development, encompbading several redefining structural actions over time – industrial policies, infrastructure, privatization, counter-cyclical measures.
Caixa Econômica Federal, in another example, has today against itself or against the unfortunate FGTS Infrastructure Fund, in which suspicious suspects weigh. But it is from this bank that the structure allowed the success of the Bolsa Família program. It is also from Caixa that the implementation of My House, My Life was implemented
Worldwide, public banks are again valued, especially after the global financial crisis of 2008 The European Investment Plan defines them as decisive elements of economic growth and the construction of the future.
Mexico and Argentina, in the context of Latin America, did not achieve good results by adopting the neoliberal financing program from the 1980s. The fact that this Retro inspiration exerts today a certain fascination in Brazil is something that does not find empirical basis of support.
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The right way for the country is to treat its public banks with affection, by improving its governance, its evaluation and its transparency. One promising idea is that boards, as in Germany, have effective social representation of productive sectors and states.
Society must participate in the process because development policies are long-term, and should not be interrupted solely on the basis of the conveniences and features of the existing government.
As governance is constantly improved, public banks are always at the service of society in policies of national strategic interest. This article is based on my doctoral thesis entitled State and Investment Reins: The Trajectories of the National Development Banks awarded at the end of last year with (19659023) Continue read
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