Javier Millay has named his economy minister and has yet to wrap up the dollarization plan

Javier Miley He told his trusted advisors The person to occupy the Economy Ministry is already in mind His final cabinet. But he never revealed his name to anyone, as LA NACION was able to reconstruct from different members of La Libertad Avança (LLA). “He mentioned he was living abroad, and we had no idea.” A person from the First Libertarian Circle commented.

The presidential candidate has been releasing the names of other ministers in his cabinet. But the man commanding the economy — the most important position with dollarization as the backbone of his plan — is (so far) holding the balance. No one doubts that there should be A “submissive alter ego” of Miley. “He knows that if he’s going to be president, he’s also going to be finance minister,” an aide to the libertarian said.

The only other thing known so far is Two star economists became consultants to honor During the campaign, De Mili showed no interest in filling the position. About Carlos Rodriguez and Emilio Ocampo. The presidential candidate did not propose or accept in principle for personal reasons.

Both are true Actively and individually work on solutions and recipes To counter the dollarization plan. They don’t offer the same. But both assure that it is about practical differences in the LLA and that the priority is to make a bold fiscal adjustment aimed at dollarizing the economy. “Many Ways to Skin a Cat”, Summed up the image of the Libertarian group.

At this stage, the dollarization program is not closed. “There is no prescribed formula because penetration is high And Javier should reserve the flexibility to dollarize better,” they say at LLA.

Mili has said that he is going to reduce the ministries to eight portfolios. He pointed to the economist Diana Mondino Now to the Ministry of External Affairs Sandra Petovello For the new Ministry of Human Capital. It prefers to leave internal security and defense areas in the hands of its eventual vice president. Victoria Villaruel, Although its legality is questionable. For chiefs, Nicolás Posse, Corporación America’s corresponding executive, began sounding strong. The Eurnekian Institute appears to be a quarry of officials. It was in that company that Mili met William Francos, says the Ministry of Home Affairs.

Mili assures that he has defined the dollarization of the economy, which implies the acceptance of the dollar as legal tender – at a hard-to-assess exchange rate, the free circulation of currencies and the free movement of capital. He also says that he imposes An ambitious financial adjustment. “Dollarization and fiscal adjustment feed each other,” they say close to the libertarian.

But the process, route and timeline are yet to be defined. Miley employed two groups. One side commands the American-style “Council of Economic Advisers”. Rodriguez Also co-ordinated by the former Economy Minister of Minimism, Roque Fernandez and by a financial expert, Dario Epstein.

Miley has always had respect for Rodríguez, whom he refers to as “professor,” even though the libertarian leader hails from the Austrian school and Rodríguez—who is an emeritus professor—coordinates UCEMA’s High Council. Chicago School.

Rodríguez has been exposing ideas on his social networks and believes that is the first step Provide for free circulation of dollars By suspending exchange controls. His team is already compiling all the regulations. It also aims to reduce the rate of lelix in order to recover them later. The most notable project is A “Market’s popular amnesty” to encourage massive money laundering Dollars. He also mentions that quotas can be given to citizens so that those who do not have savings to be honest can sell the quota.

Works separately Ocampo, Professor of Finance and Economic History at UCEMA. The libertarian leader had his own plan, but last summer he read Ocampo’s book. “Dollarization: A Solution for Argentina”, Y He was mesmerized by the financial structure reflected in its pages. One of the points of discussion What to do with BCRA’s financial responsibilities, Especially the lilacs. Ocampo’s proposal talks about shutting down the BCRA and canceling its assets along with its liabilities.

Ocampo mentions in his book BCRA’s irrevocable bills denominated in dollars He values ​​it 41,000 million US dollars. “Our proposal consists of protecting the net assets of BCRA. That is, Merging them in a trust called Financial Stabilization Fund (FEM). It offers loan installments for a term of less than one year and is collateralised. These titles will replace Lelic, Notalc and Bass,” he says in a book he wrote with economist Nicholas Kachanosky.

For Rodríguez, these assets do not hold such significant value First a confidence shock is necessary It reevaluates them. But beyond those subtleties, Can it be implemented without a set of laws? And, most importantly, will he have the votes to carry them out?

That is why a part of the Economic Council of the Militia indicated that the final phase of the dollarization program would be necessary A strong fiscal adjustment, low inflation and a two-year path to building confidence, In addition to mid-term elections that allow Miley Strong environment of Congress. “There is talk of 9 months to 2 years,” said a prominent libertarian.

At La Libertad Avanza they promise that they are not going to follow Milei Ocampo’s book because it is a theoretical approach. The same economist works on solutions with “options A, B and C with costs and benefits”. “Miley has the final say,” they point out.