Brazil Industry Calls Government Pigheaded for Refusing to Cut Interest Rates

The president of Brazil’s Federation of Industries of the State of São Paulo (Fiesp), Paulo Skaf, categorized as "lamentable" the 1.2% drop in the Gross Domestic Product (GDP) in the third quarter of the year, as revealed by the IBGE (Instituto Brasileiro de Geografia e EstatÀ­stica – Brazilian Institute of Geography and Statistics).

In his view, urgent changes are necessary in the directions of economic policy. "There is a tremendous obstinacy in refusing to adjust economic policy."

Skaf voiced his criticisms during the year’s final meeting of the Economic and Social Development Council, yesterday, December 1st, in the Planalto Palace in Brasí­lia, capital of Brazil.

Skaf called for the enlargement of the National Monetary Council (CMN) as a way to expand the debate on economic policy. The CMN is currently made up of the ministers of Finance and Planning and the president of the Central Bank.

A document drafted by the Development Council recommends the enlargement of the CMN to include representatives of civil society.

"We can no longer permit the country to be commanded by a group that isn’t working in the interest of society, the Brazilian people, and the greater interests of the country. I consider this a matter for the Economic and Social Development Council," he affirmed.

The CMN (Conselho Monetário Nacional) is in charge of defining general targets for the Brazilian economy.

ABr

Tags:

You May Also Like

As Expected, Brazil’s Key Interest Rate Drops to Still High 15.75%

Wednesday, April 19, Brazil’s equivalent of the Fed, the Monetary Policy Committee (Comitê de ...

Rio (Brazil) Reaches 400 (Natural) Gas Stations

With 400,000 thousand vehicles powered by natural gas (nation’s fleet total around 1 million ...

Brazil Gets 21 Heads of State for Arab-South American Summit

Ten leaders from South America and 11 from Arab countries were committed, up until ...

Brazil: Northeasterners Get No Respect

Brazilian TV viewers may associate what is deemed as successful attributes with urban or ...

Brazil’s Petrobras Wants Public to Help It Spend US$ 300 Million in Environment

Brazilian oil company Petrobras is going to turn 500 million Brazilian reais (US$ 309 ...

NGO’s in Brazil Launch Campaign Against Big Tobacco

An international coalition of non-governmental organizations (NGOs) has launched a campaign today to call ...

Saving the Amazon: Brazil Gets Deforestation Zero by 2015 Plan

A group of nine Brazilian non-governmental organizations has launched in Brazilian capital BrasÀ­lia a ...

Brazil’s Gol Gets Prize for LatAm’s Best and Most Innovative Airline

In a survey of the best Latin American companies Brazilian airline Gol received three ...

Only in US, Brazil’s Lula Is a Drunkard

The New York Times piece on Brazilian President Lula’s drinking habits did not justify ...

Neither Obama Nor Chavez. Brazil’s Lula Shows in Honduras Who’s the Boss

On this, the day when hope springs eternal, President Zelaya is back in Honduras, ...