Now is the time to wait for the President to appoint new BC directors, says Galipolo | finance

“It is the prerogative of the president of the republic, and as you can imagine, the president has other issues on his desk besides this one. We will wait until the president understands that the time has come to appoint the new directors,” Gallipolo said.

The terms of the Directors of Economic Policy, Diogo Guillén, and the Directors of Financial System Regulation and Decisions, Renato Gomes, expire at the end of this year. The President of the Republic must send the new names to the Federal Senate. In the House of Representatives, these proposals are subject to a hearing in the Economic Affairs Committee and must be approved by the plenary session.

At the XP event, the BC President highlighted that the institutional evolution of monetary policy is largely related to “waiting for the reaction function of monetary policy which has nothing to do with the people sitting in the chair.”

Gallipolo stressed that BC has “excellent” governance and technical staff and that board members are “exceptional,” but that there is an institutional and legal framework.

“If there’s one thing that provides the most security for those sitting there, it’s: No matter how big the problem is, no matter what’s going on, there are people who have been through it, there’s a process for it, they know how to deal with it, there’s governance for it. That’s very important,” he said.