Three former heads of the Brazilian central bank, Gustavo Franco, Arminio Fraga and Henrique Meirelles have been critical of the economic policies of The current President Dilma Rousseff. At a conference in Rio the three bankers, who ran the central bank for 13 consecutive years between them, pulled no punches in their criticism of the current administration.
Fraga, president of the central bank from 1999-2002, said that fact Brazil is straying from the core principles which have seen great economic growth in recent years, the tripod policies, is now deterring investment, hindering competitiveness, and increasingly isolating Brazil from international markets.
Fraga added that he saw the year on year inflation with a lot of concern “It’s been more or less three years that inflation has been around 6 percent despite attempts to hold fuel prices and bus fares”
Brazil’s tripod macroeconomic policy consists of primary surplus, inflation targeting and floating exchange rates.
In Fraga’s most damning criticism Rousseff’s economic policies were compared to those of Brazil’s military dictatorship of the 19070’s