Sunday , December 5 2021

Cesario stressed that the crisis left no recipes from the past



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As part of the toast the end of the year for ABA, Cesario stressed that this year was "difficult" for Argentina's economy due to three factors: drought, increase in the rate in the US and trade war with China, and of the rye notebooks. And what of analyzed – "Perfect storm" allowed two agreements with the IMF and three chairs at the Central Bank.

The owner & # 39; ABA emphasized that "The first results of the zero deficit plan and implement restrictions on monetary policy" by the Minister of Economy, Nicolás Dujovne, and president of the BCRA, Guido Sandleris. "We can say that we have been through the crisis, but had recourse to international assistance to tackle the imbalances and nimmodifikaw policies to stabilize the main" economic variables, said.

To describe the year from the perspective of banks, Cesario noted that "the first half of the year the challenge was to provide the demand for credit, commercial and consumer" and in the second half of the demand for credit rhythm ".

Cesario to the "shock" economic 2018 "They were a good test for the system." "The good news is that the financial system has proved a solid, solvent and liquid but, above all, was reliable. It honou each of its commitments," he analyzed.

Among those attending the cocktail-related financial system was the approval of the Central Bank's decision to eliminate the ground & # 39; 60% for the rate, and there was also consensus on the expectation & # 39; Inflation & # 39; below that will entail also drop rate. "Beyond the fact that the rate must fall & # 39 ;, it is important that the real rate is positive, say 5 or 7 points more than inflation to encourage deposits", said a senior bank executive.

"X & # 39; Central is doing is work & # 39; must be done, there are not many more roads"said another executive. The majority of & # 39; those present expressed their confidence that the economic variables will continue to converge to resume the growth path "between March and April".

As regards growth, Cesario spoke in & # 39 electoral means and maintained it "The government and eventually who can & # 39; happens it should be clear that the road & # 39; hereinafter shall be consistent with changes implemented if we boost and develop b & # 39; unsubstantiated". He also asked that the "responsibility" of political parties generate predictability even in an election year to grow the economy.

The president of the ABA stated that "The challenge is to grow the financial system" and for "the creation of the capital market." "The investments are if we all work for that. And it leaves a central role for the government, the opposition and, as I said, all sectors of the economy. You have already heard ngħidha but it is important to repeating, the solution not asking or giving subsidies among various private players in the economy, generally penalize the efficient sectors for the benefit of inefficient, "said Cesario.

F & # 39; this regard, he assured that "the debate on competitiveness can not ignore the fact that the tax pressure is the most affecting it. Many causes sectors to lose opportunities, stay out the market without formal creation of & # 39; employment. Tax pressure & # 39; 38% scares or discourage any opportunity & # 39; investment. "

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