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

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