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MNI BRIEF: Next BCB Governor Has To Say No To Gov.-Campos Neto

(MNI) BRASILIA

Central Bank of Brazil Governor Roberto Campos Neto speaks at a virtual event on Monday.

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Central Bank of Brazil Governor Roberto Campos Neto said Monday that he would advise the next BCB chief that to have a truly independent monetary authority he must be able to say no to the government sometimes.

"There is always this challenge, because you want to be close to the government, but you want to preserve your independence," he said at a virtual event sponsored by Constellation Asset Management. "You need to understand that it is only as good as your independence when you do have to make a decision. And sometimes it will not be what the government wants," he added. He said that he would also advise that a technology agenda is important and communication is key for monetary policy.

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Central Bank of Brazil Governor Roberto Campos Neto said Monday that he would advise the next BCB chief that to have a truly independent monetary authority he must be able to say no to the government sometimes.

"There is always this challenge, because you want to be close to the government, but you want to preserve your independence," he said at a virtual event sponsored by Constellation Asset Management. "You need to understand that it is only as good as your independence when you do have to make a decision. And sometimes it will not be what the government wants," he added. He said that he would also advise that a technology agenda is important and communication is key for monetary policy.

Keep reading...Show less