The Minister of Finance, Fernando Haddad, stated this Tuesday (10) that the market’s reaction was less than the resistance he faced when his name emerged to command the Ministry of Finance, at the beginning of the Lula government.
“When my name for Finance Minister came up, the reaction was much worse than Guilherme Mello’s. Much worse,” said Haddad, at an event promoted by BTG Pactual, in São Paulo.
According to the minister, negative reactions are part of the “game” and are not decisive. “There were people who despaired, they must have sold shares and they must have regretted it, because today the stock market is at 190 thousand points. There were people who bought the dollar at R$6, they must have regretted it, because today they could be buying at R$5.20”, he stated.
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Haddad also sought to clarify the process for choosing names for positions at the BC. According to him, this is not a formal indication, but a suggestion forwarded for evaluation.
“The president consults his main interlocutors in the economic area and asks if the person has any suggestions. It’s not an indication, it’s a suggestion,” he said. According to the minister, the names of Guilherme Mello and Thiago Cavalcante were taken to both the president of the Central Bank and President Luiz Inácio Lula da Silva around 90 days ago.
Asked if there had been a prior conversation with the president of the BC, Gabriel Galípolo, Haddad reiterated that the names were presented only for evaluation. “When we suggest a name, it is for evaluation. There is no such thing as banging a hammer”, he stated.
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The speech comes amid resistance from part of the market to the indications, in the face of recurring criticism from sectors of the PT regarding the BC’s autonomy and fears about the future orientation of monetary policy.
The minister said he knew Guilherme Mello’s work over the last three years and stated that he felt “very comfortable” presenting his name to Planalto and the Central Bank. “I know the work that Guilherme did in these three years”, he said.
