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BRASÍLIS – The Transition Team of the Future Minister of the Economy, Paulo Guedes announced the selection of two new administrators for the Central Bank . The economist Bruno Serra Fernandes has been appointed for the Council of Monetary Policy and João Manoel Pinho de Mello for the Financial System Organization Council.
Mello currently holds the positions of Secretary of Productivity Promotion, Competition Law and Monetary Policy of the Ministry of Finance. Mello holds a degree in Public Administration from the Getúlio Vargas Foundation (EAESP-FGV), a Master's degree in Economics from the Pontifical Catholic University of Rio de Janeiro (PUC-Rio) and a A PhD in economics from Stanford University.
Serra Fernandes is also responsible for the fixed income table of Itaú Unibanco. He holds a Master's degree in Economics from the University of São Paulo (USP). At Itaú Unibanco, he also held the position of portfolio manager at the Board of External Banking and Treasury. He has served as a fixed income strategist for Bank of America at Asset Liability Management & Treasury and Resource Manager for multi-market funds.
The two men will join the team of Roberto Campos Neto, appointed to the presidency of British Columbia. All will have to be sabatinados and to have their indications approved by the Federal Senate.
New Structure
With the announced changes, Roberto Campos Neto has put in place the structure of the board of directors that will start with him, under the direction of the municipality under the government of Jair Bolsonaro. The Central Bank will host two of the main ideologues of the current monetary policy: the director of economic policy, Carlos Viana de Carvalho, and the director of international affairs, Tiago Couto Berriel. The presence of both signals marks the continuity, at least at the beginning of the works, of the inflation control policy using the basic interest rate used by Ilan Goldfajn.
British Columbia confirmed that after a period of transition, Berriel would continue to occupy the International Affairs Council. Viana had already been confirmed in November, just after the official nomination of Campos Neto as president of the Central Bank
Viana and Berriel had arrived in Central America since Goldfajn in mid-2016. The three countries – Goldfajn, Viana and Berriel – have a trajectory related to the university environment and were the main formulators of the monetary policy of British Columbia, which managed to reduce inflation from almost 11% in 2015 to less than 3% last year.
With the three, he had joined BC Reinaldo Le Grazie for the council of monetary policy. Unlike Goldfajn, Viana and Berriel, Grazie has forged its history in the financial market and has therefore held a highly operational board of directors. This defines, for example, the dynamics of CB currency auctions.
On Thursday evening, British Columbia reported that Grazie had requested an exemption for personal reasons. For his place, Campos Neto chose another professional with operational profile: the economist Bruno Serra Fernandes, head of the fixed income table of Itaú Unibanco.
In practice, Campos Neto will retain the two ideologues who were with Goldfajn and will replace one operator with another. The continuation of Viana and Berriel is an indication that, for the moment, nothing is changing in British Columbia – which is well perceived by the financial market.
Another change has been announced. The current secretary of economic policy of the Ministry of Finance, João Manoel Pinho de Mello, will badume the leadership of the board of directors of the financial system organization. The current director, Sidnei Corrêa Marques, has asked to leave the position. Sidnei had a career in British Columbia but retired from the local authority. He has been a director since March 2011. Born in 1953, he is the oldest director.
Other current administrators in British Columbia tend to remain in office, even though their portfolios are traditionally filled by career agents. This is the case of Carolina de Assis Barros (director of the administration), Paulo Souza (inspection), Otavio Ribeiro Damaso (regulation) and Mauricio Moura (institutional relationship).
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