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The advisory committee formed by Javier Mille will not have much to run away with in its first phase: it will keep a low profile, will not touch on the most difficult issues of the ruling party, such as the withdrawal from stocks and currency devaluation, and will only be dedicated to analyzing structural problems of the macroeconomy and with internal differences.
The panel of economists chosen by the head of state was announced last March and includes former deputy governor of the Central Bank Damian Reddle, liberal lawmaker Ramiro Mara, businessman Eduardo Bastita (Plaza Logística), Fausto Spotorno, CEP reference Ariel Coremberg, Carta Financiera CEO Miguel Boggiano and Econometrica director Ramiro Castiñeira. Each will work “honorably”.
Initially, as one of its members expressed to PERFIL in April, the original idea of the core was to meet regularly every two weeks and prepare proposals for the head of state to solve problems related to the economic situation. And not only that: there was talk of the opportunity to coordinate the negotiations with other advisers of the ruling party, such as Federico Sturzenegger and Santiago Caputo, one of the most influential figures in the liberal government.
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However, this scenario did not materialize, and the meetings were few and far between, only three. They were devoted to talking about macroeconomic issues beyond the current situation, such as the possibility of applying artificial BroadCast Unitedligence in the country. Given the delay in the exchange rate, the most complex issues such as the government’s economic order, escape from the exchange rate trap and opportunities for devaluation did not appear on the radar.
What’s more: most members avoid mentioning the situation on the agenda or issues of daily impact, and in the LLA they directly say that “they don’t have to speak”. Of course, Spotono’s statement last week helped to keep the silence going, and almost all members are moving in this direction, led by Redl.
For example, Spotorno questioned in an interview the statements of Luis Caputo (he said “the market expected more”) and believes that the ruling party’s economic plans are at a delicate moment. Harsh messages do not contribute to internal peace. They reflect that there is no coordination or agreement among advisers on the economic policies that the Minister of Economy is testing.
For example, for one of the members, the impact of fluctuations in the foreign exchange market on the parallel dollar was a matter of concern, while in the Balcarce 50 they expressed the opposite view and minimized the rise of the parallel currency. “Fortunately, it was contained,” said one economist, but he avoided giving details.
There are also nuances about the speed of economic recovery. For some, “the worst is over”, while others say that the rebound will only be felt in the second half of the year. Boggiano said in his personal capacity before PERFIL that everything depends on controlling inflation.
“If this situation persists, wages will exceed purchasing power, which will increase activity. In addition, we will have continued credit again, which will contribute to the growth of economic activity.” Another member of the Council who analyzed the panorama was the director of the Econometrics Department, Ramiro Castiñeira, who also clarified that this was done in a personal capacity and gave a speech directed at the official one.
He said the government had successfully curbed hyperinflation through measures and that stocks could be released as long as conditions allowed, but did not disclose the specific time. And the economy was already in a “real” recovery plan, with wages, pensions and AUH bottoming out, recognizing that public wages had almost no purchasing power. At the same time, he ruled out the possibility of currency devaluation.
A not insignificant detail of the Commission: in the Casa Rosada, rumors began to circulate that the Buenos Aires legislator and historical member of the LLA, Mara, would no longer continue in his position due to the confrontation with Karina Mile.
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